ENGINERSIN - Ascending Triangle Breakout & Retest - Swing TradeThis analysis is purely based on price action and Chart Patterns.
The analysis is on daily TF hence target can be achieved in couple of days to weeks.
As can be seen from the chart, actual breakout with huge volume has happened on 01st march itself. Thereafter the price has been coming down but the volume is drying up continuously which shows that big hands are still holding the stock and a big up-move is still pending.
Also if you we observe the zoomed-in chart, we can see that the resistance which the price has broken, is now acting as support and that support is at 0.5 Fibo level, which is a good level for reversal (healthy reversal).
One can arrive at targets with help of Trend-Based Fib extension tool as can be seen from the below image.
One can start accumulating between 80-83 range.
SL and Targets are clearly marked in the main image itself.
Don't chase the price. Always plan your trade & trade your plan
Keep trailing SL accordingly once entered into the trade.
This analysis is purely for education purpose. Kindly do your own study before entering into any trade .
Also check out my other ideas to understand how price action works and how it can be used to make regular profits without any complex strategies.
Feel Free to comment for any queries regarding the above stock or price action analysis in general.
