Kotak Bank - Symmetrical triangle + Bullish market structure

3 Haz 2021

The price was forming a symmetrical triangle that broke upwards. But the price is getting rejected from the 1820-1830 zone. The 200 MA is also acting as strong resistance in the 1830 zone. Hence 1830 is a crucial level. If the price manages to sustain above 1830, then we can head towards 1900 and upwards. I have made an illustration on the left-hand side, to explain the symmetrical triangle pattern.

Targets: 1900, 1993, 2045

Highlights:

1. Symmetrical triangle
2. Resistance from 1820-1830 zone
3. 200 MA also acting as resistance at 1830 zone
4. Sustenance above 1830, will push the price towards 1900
4. Targets: 1900, 1993, 2045

You are always advised to use an appropriate Risk-Reward ratio as per your strategy.

P.S: This is NOT investment advice. This chart is meant for learning purposes only. Invest your capital at your own risk.