📊 Technical Analysis:
Pattern: Symmetrical Triangle
The price action has been compressing inside a triangle, forming higher lows and lower highs, indicating indecision. The breakout above the upper trendline signals bullish momentum.
Breakout Confirmation:
A strong bullish candle has closed above the triangle’s resistance, confirming the breakout. This move suggests increased buying pressure and potential for further upside.
Entry Point:
Around $33.11 (current price after the breakout).
Target:
$33.66739 – calculated based on the height of the triangle added to the breakout point. This is the measured move target from the widest point of the triangle.
Stop Loss:
Placed at $31.83552 – below the triangle support and recent swing lows. This level acts as an invalidation zone in case of a false breakout.
📌 Trade Plan (Long Position):
Entry: $33.11 (breakout confirmation)
Stop Loss: $31.83552
Target: $33.66739
Risk-Reward Ratio: ~1.3:1
🧠 Trade Rationale:
Bullish momentum following consolidation.
Breakout of a well-formed triangle pattern.
Strong volume and price action confirm breakout validity.
Favorable risk-reward setup with a clear invalidation level.
Pattern: Symmetrical Triangle
The price action has been compressing inside a triangle, forming higher lows and lower highs, indicating indecision. The breakout above the upper trendline signals bullish momentum.
Breakout Confirmation:
A strong bullish candle has closed above the triangle’s resistance, confirming the breakout. This move suggests increased buying pressure and potential for further upside.
Entry Point:
Around $33.11 (current price after the breakout).
Target:
$33.66739 – calculated based on the height of the triangle added to the breakout point. This is the measured move target from the widest point of the triangle.
Stop Loss:
Placed at $31.83552 – below the triangle support and recent swing lows. This level acts as an invalidation zone in case of a false breakout.
📌 Trade Plan (Long Position):
Entry: $33.11 (breakout confirmation)
Stop Loss: $31.83552
Target: $33.66739
Risk-Reward Ratio: ~1.3:1
🧠 Trade Rationale:
Bullish momentum following consolidation.
Breakout of a well-formed triangle pattern.
Strong volume and price action confirm breakout validity.
Favorable risk-reward setup with a clear invalidation level.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.