Petronet "Ascending Triangle" Breakout
The above chart of Petronet laid out an Ascending Triangle .The ascending triangle is a characteristic pattern of an ongoing bullish trend . This triangle is formed by a horizontal upper trendline that connects the highs and the lower trendline that connects the rising lows. If the trend breaks out at the resistance level , the price will continue to move up in this ascending triangle pattern.
Currently, Petronet is in the range of Rs 219.95. If the pattern continues, the price of Petronet might reach the resistance levels of Rs 256. If the trend reverses, then the price of Petronet may fall to Rs 210
Trading Level ✅
Entry Point - 230 ( Breakout region)
Stop Loss - 210 (Previous Swing Low)
Target - 256 (Derived from pattern range)
Happy Trading
The above chart of Petronet laid out an Ascending Triangle .The ascending triangle is a characteristic pattern of an ongoing bullish trend . This triangle is formed by a horizontal upper trendline that connects the highs and the lower trendline that connects the rising lows. If the trend breaks out at the resistance level , the price will continue to move up in this ascending triangle pattern.
Currently, Petronet is in the range of Rs 219.95. If the pattern continues, the price of Petronet might reach the resistance levels of Rs 256. If the trend reverses, then the price of Petronet may fall to Rs 210
Trading Level ✅
Entry Point - 230 ( Breakout region)
Stop Loss - 210 (Previous Swing Low)
Target - 256 (Derived from pattern range)
Happy Trading
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