Long
ARVYA breaks out of multi month resistance!
The chart pattern that I've marked with the yellow lines is called a "right-angled descending broadening wedge".
Yeah, I know that is a very long name for a pattern (for more info about it: google it's name, I would have attached a link which explained it in greater detail but I can't because I don't have enough "reputation points").
Basically it is a pattern like any other, you have to wait for a breakout out of the resistance with decent volume and then go long.
We have just seen a breakout out of the resistance with amazing volumes, and for what it's worth, today's move has given a breakout out of the 20, 50 and 200 day EMA.
So it's time to go long.
Price targets are the max height of the triangle and stoplosses are placed right below the resistance:
Target - 20% ($26)
Stoploss - 4% ($20.6)
Time frame - 2ish weeks
Yeah, I know that is a very long name for a pattern (for more info about it: google it's name, I would have attached a link which explained it in greater detail but I can't because I don't have enough "reputation points").
Basically it is a pattern like any other, you have to wait for a breakout out of the resistance with decent volume and then go long.
We have just seen a breakout out of the resistance with amazing volumes, and for what it's worth, today's move has given a breakout out of the 20, 50 and 200 day EMA.
So it's time to go long.
Price targets are the max height of the triangle and stoplosses are placed right below the resistance:
Target - 20% ($26)
Stoploss - 4% ($20.6)
Time frame - 2ish weeks
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.