Get started
INDO TECH TRANSFORM LTD.
Long

INDOTECH - Symmetrical wedge pattern

136
INDOTECH stock has formed a symmetrical wedge pattern following a strong rally, indicating a potential continuation or reversal. Symmetrical wedges often signal consolidation before a significant price move. If the price breaks above the upper trendline, it suggests a continuation of the upward trend with a price target of 2450. Conversely, a break below the lower trendline could indicate a reversal, warranting a stop loss at 1600 to mitigate potential losses.

Trading Strategy:

Bullish Breakout:

  • Entry Point:
Consider entering a long position on a confirmed breakout above the upper resistance trend line, ideally accompanied by increased volume.
  • Target Price:
Measure the height of the wedge at its widest point and project it upwards from the breakout point.
  • Stop Loss:
Place a stop loss below the lower support trend line to manage risk.


Bearish Breakdown:

  • Entry Point:
Consider entering a short position on a confirmed breakdown below the lower support trend line, with accompanying high volume.
  • Target Price:
Project the height of the wedge downwards from the breakdown point for the target price.
  • Stop Loss:
Place a stop loss above the upper resistance trend line.
VanshikaUdeshi
Also on:
Chart PatternswedgebreakoutwedgeformationWedgewedgepatternswedgepatterntradewedgesrisingwedgewatch

Related publications

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.
Chart PatternswedgebreakoutwedgeformationWedgewedgepatternswedgepatterntradewedgesrisingwedgewatch
VanshikaUdeshi
Also on:

Related publications

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.