Breakout Alert: High-Potential Long Trade Setup in IXIGOIt highlights a descending channel pattern in IXIGO, a common technical analysis formation where price moves between two parallel trendlines sloping downwards.
Key Points:
Resistance (Red Line):
The upper trendline acts as a resistance level where the price faces selling pressure.
It has been tested multiple times, confirming its validity.
Support (Green Line):
The lower trendline serves as a support level where the price typically finds buying interest.
This line also has multiple touchpoints, validating its significance.
Breakout Attempt:
The latest candle shows a strong upward move (+8.87%), attempting to break out of the resistance zone.
Such a breakout might signal a potential trend reversal if it sustains above the channel.
Trading Strategy:
Bullish Case:
If the price sustains above the resistance trendline with good volume, it could indicate the start of an uptrend. Targets can be set using Fibonacci retracement or previous swing highs.
Risk Management:
Place stop-loss below the breakout candle for long positions.
Adjust the stop loss upward as the price progresses to secure profits
