Short term trade on LT
Updated
LT A bullish pennant has been identified on LT. It is a pattern that appears after a strong upward price movement, which shows that the bullish trend is likely to continue. This pattern is characterised by a brief consolidation period, where the price moves within converging trendlines that form a small symmetrical triangle, resembling a pennant.
Entry Point: Traders typically enter a long position when the price breaks above the upper trendline of the pennant with significant volume. This confirms the resumption of the bullish trend.
Stop-Loss: A common stop-loss strategy is to place a stop below the lower trendline of the pennant or just below the recent consolidation low. This helps to manage risk if the breakout fails.
Price Target: The price target for the bullish pennant is often estimated by adding the height of the flagpole to the breakout point. This gives an approximate target for the continuation of the upward move.
Note - The information provided in this discussion about the bullish pennant chart pattern is for educational purposes only. Trading and investing in financial markets involve risk and may not be suitable for all individuals. Before making any investment or trading decisions, it is important to seek advice from a qualified financial advisor before entering into the trade.
Trade closed manually
As the stock has multiple times, took rejection from the resistance 1, safe traders can exit their position, rest can carry it forward
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