Technical Analysis: Ascending triangle pattern formed in Idea Cellular
Idea cellular is one of our technical analysis pick today, we see a ascending triangle pattern on weekly chart. If I tell you this pattern is a bi-directional pattern so breakout in such patterns can happen in either side. So we are not certain about the trade that a trader must be taking. In such situations we should keep patience and wait for the breakout first, but as markets are extremely bullish I upside breakout in this stock as well.
Idea has recently tested its resistance level for 4th time, I am sure this level is meant to be broken very soon. Only focus on trade idea is to buy this stock only above 102, right now stock is trading at 97 level. I see upside targets as 125 and 140 in medium term. Stop loss will be placed below 97 level to protect our portfolio.
Idea weekly chart:
Idea Triangle Pattern Breakout
You Should Read This:
- Technical Analysis: JP Associates tests trend line support JP Associates on the daily chart is on the perfect uptrend and as the trend is up we only focus on buying it on every declines. Last 2 trading session has been interesting for the…
- Nifty future has formed double top pattern last week, Expect reversal On daily charts we have seen that nifty future has formed a double top pattern (A kind of short term reversal pattern), we are of view that nifty future is more likely to see a…
- Head and shoulder pattern was formed in nifty future, How to identify reversal Head and shoulder pattern is also a popular trend reversal pattern formed on charts, once this pattern is formed there is high probability that initial trend will reverse soon. This type of pattern gets formed…
- Technical Analysis on M&M Stock: Auto Companies Stocks to Perform Well, Multibagger Stock Mahindra & Mahindra Ltd. was listed back on NSE on 3 January 1996, stock performance of the comapany was not that attractive until the 2009, from the 2009 lows the stock today trades about 8…
2013-02-16 11:06:46
Source: http://ournifty.com/technical-analysis-idea-stock-ascending-triangle-pattern.html
Source:
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).