Triangle pattern on TORNTPHARM

30 Nis

TORNTPHARM formed a triangle pattern on daily chart with multiple test of support and resistance. Price broke out of resistance and subsequently retesting now support (previous resistance line). Looking at the aggressive bears once brought the price down compared with recent swing low, it appears bears aggressiveness has weekend. Also the recent swing high shows bulls are aggressive. Wait for the price to bounce back from support before entering long. Stop loss can be held just below recent swing low. with Target the larger width of triangle. This would be a low risk trade with potential 1:3 risk reward.

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