[Short Term] Symmetrical Triangle Reversal in SYRMAThis chart of SYRMA on the 1-day timeframe shows a Symmetrical Triangle Pattern formation, a pattern typically indicating potential price consolidation before a breakout.
Resistance Line (Red Zone):
The price has repeatedly been rejected around this downward sloping resistance, as highlighted by the red arrows.
The price consistently meets selling pressure at these levels, pushing it back down.
Support Line (Green Zone):
The price finds support at this upward-sloping line, bouncing back every time it reaches this level, as marked by green arrows.
This support forms the lower boundary of the triangle.
Pattern Height:
The vertical distance between the resistance and support lines is labeled as the Pattern Height. This height is used to project the breakout target by adding it to the breakout point.
Breakout Targets:
Breakout Initial Target ~ 500+: After breaking above the resistance line, the first target lies around this level.
Target 2 ~ 550+: The next price target, following continued bullish momentum.
Final Breakout Target ~ 600: The price target, based on the full height of the triangle added to the breakout point.
Reversal Target (450+):
Before the breakout, the price could reverse and approach this target (~450), where you can decide to either hold or exit positions based on further price action.
Entry & Stop Loss:
Entry Point: A long position can be considered above the 417 level, as marked in the chart.
Stop Loss: The recommended stop loss is set below the 395 level to protect against potential downside risk.
This technical analysis indicates a possible bullish breakout if the price can sustain above the resistance level. The Symmetrical Triangle Pattern suggests a neutral consolidation, but a breakout could lead to a strong upward rally towards the mentioned targets.
Disclaimer:
This analysis is for educational purposes only and should not be considered financial or investment advice. Always conduct your own research and consult with a financial advisor before making any investment decisions.
