ADANI POWER, LONGAbove shown chart is of ADANI POWER, in Daily Time Frame.
This script has been found making Ascending Triangular Pattern.
Reasons, I love this Pattern :
3 supports on the lower trend line;
3 resistances on the upper trend line;
This pattern is made near All Time High zone;
Convergence of 21 & 50 Moving Averages;
Matches with current popular theme
One reason, I want to mention separately is, Volumes.
If you look at Volumes closely .. on 28 Nov '23, when the breakout happened, there was a huge spurt of volume. After a little consolidation, another huge green Candle with huge Volume bar. This shows the interest of the Bulls.
But what happened next is more interesting, the Price moved in a range for more than 8 weeks, with minimum volumes happening !
So, these are all the reasons why I'm liking this pattern.
Now, coming to Planning to our Trade.
Entry : a good entry point will be the Monday's candle. If it forms within, 570 - 580 price range.
Stop Loss : There are two lines, one green and one red. The green one I made, so that, if price goes below this .. we should be cautious now, for that you can set Trading view's alert feature. The red one is for, completely exiting the position, if price goes below that.
Exit : As usual, I'll leave this to individual's risk appetite and their comfort zones.
I recommend you all, reading this, to take PAPER TRADE in this script. You should trade by making your own setups .. take, what I shared with you, as an IDEA.
Let's see, how it goes.
Thank you .
