Symmetrical triangle in Sona BLW
* Sona BLW precision is in downtrend and recently price reverse from important support level near 530 in late of June 2022.
* Symmetrical triangle is a neutral chart pattern but here price formed after a downtrend and price closes last day at the top of upper line, expected upside breakout.
* RSI is heading upside and above 50 is showing price strength
* ADX value which is currently 19.9 also show that price will gain momentum above 20 and strong move can be expected above 25 ADX.
* If price stay above 580 then we initiate a long position with strict stop loss below 550 and target would be 640.
Key levels
Buy above 580 on closing basis
Stop loss below 550
Target 640
Risk:Reward 1:2
* Symmetrical triangle is a neutral chart pattern but here price formed after a downtrend and price closes last day at the top of upper line, expected upside breakout.
* RSI is heading upside and above 50 is showing price strength
* ADX value which is currently 19.9 also show that price will gain momentum above 20 and strong move can be expected above 25 ADX.
* If price stay above 580 then we initiate a long position with strict stop loss below 550 and target would be 640.
Key levels
Buy above 580 on closing basis
Stop loss below 550
Target 640
Risk:Reward 1:2
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