Two alternatives might be unfolding:
Alternative 1:
The price action might approach R1, which is at 5830 and then might extend to the bull target at 6730 (previous high prices).
Stop-loss at 4490.
Alternative 2:
The price action might correct back to 4630. The stop-loss level is at 5830.
A type of rectangle pattern is busy developing.
I favour option 1.
The rectangle pattern is formed when the price of a share trades within a horizontal range, with clear and consistent support and resistance levels.
Alternative 1:
The price action might approach R1, which is at 5830 and then might extend to the bull target at 6730 (previous high prices).
Stop-loss at 4490.
Alternative 2:
The price action might correct back to 4630. The stop-loss level is at 5830.
A type of rectangle pattern is busy developing.
I favour option 1.
The rectangle pattern is formed when the price of a share trades within a horizontal range, with clear and consistent support and resistance levels.