About Pattern:
A Symmetrical Triangle Pattern is a continuation chart pattern formed when price action creates lower highs and higher lows, converging toward a point. It reflects indecision and compression in price before a breakout occurs. The breakout can be on either side, but here, a bullish breakout has occurred.
Support Line: Formed by connecting the swing lows (green arrows), which are gradually increasing.
Resistance Line: Formed by connecting the swing highs (red arrows), which are gradually decreasing.
This convergence of support and resistance forms the triangle.
Breakout Confirmation
Breakout Level: ₹1420
The stock has clearly broken out above the resistance trendline, indicating a strong bullish signal on the weekly timeframe.
Entry and Stop Loss Strategy
Entry Point:Enter the trade only above ₹1420 after confirmation of breakout. This acts as a psychological and technical barrier.
Stop Loss (SL):Set below ₹1250, which is well below the previous swing lows and triangle support. This acts as a safety net in case of a false breakout or reversal.
Target Calculation – Based on Pattern Height
Pattern Height:
Calculated from the highest swing high inside the triangle to the lowest swing low.
This vertical distance is then added to the breakout point (₹1420) to estimate the price targets.
Target 1: ₹1650+
This is the first resistance zone post-breakout and a psychologically important round number.
Target 2: ₹1850+
Based on the full extension of the pattern height and intermediate resistance zone.
Final Projected Target: ₹2040+
This is the complete projection of the triangle pattern height.
This setup is suitable for:
Once price sustains above ₹1420, the stock is expected to follow a bullish trajectory toward ₹1650–2040+ over the coming weeks/months.
A Symmetrical Triangle Pattern is a continuation chart pattern formed when price action creates lower highs and higher lows, converging toward a point. It reflects indecision and compression in price before a breakout occurs. The breakout can be on either side, but here, a bullish breakout has occurred.
Support Line: Formed by connecting the swing lows (green arrows), which are gradually increasing.
Resistance Line: Formed by connecting the swing highs (red arrows), which are gradually decreasing.
This convergence of support and resistance forms the triangle.
Breakout Confirmation
Breakout Level: ₹1420
The stock has clearly broken out above the resistance trendline, indicating a strong bullish signal on the weekly timeframe.
Entry and Stop Loss Strategy
Entry Point:Enter the trade only above ₹1420 after confirmation of breakout. This acts as a psychological and technical barrier.
Stop Loss (SL):Set below ₹1250, which is well below the previous swing lows and triangle support. This acts as a safety net in case of a false breakout or reversal.
Target Calculation – Based on Pattern Height
Pattern Height:
Calculated from the highest swing high inside the triangle to the lowest swing low.
This vertical distance is then added to the breakout point (₹1420) to estimate the price targets.
Target 1: ₹1650+
This is the first resistance zone post-breakout and a psychologically important round number.
Target 2: ₹1850+
Based on the full extension of the pattern height and intermediate resistance zone.
Final Projected Target: ₹2040+
This is the complete projection of the triangle pattern height.
This setup is suitable for:
- Swing traders looking for positional opportunities
- Investors seeking breakout confirmation for fresh entries
- Trend followers waiting for consolidation breakouts
Once price sustains above ₹1420, the stock is expected to follow a bullish trajectory toward ₹1650–2040+ over the coming weeks/months.
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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.
📈 Trade Smarter with TradZoo!
🔗 Website: bit.ly/tradzoopage
📣 Telegram: t.me/tradzooIndex
📲 Android App: bit.ly/TradZooApp
📲 Forex App:tradzoo.com/forex/download
🍎 iOS App: bit.ly/TradZoo-iOS-App
🔗 Website: bit.ly/tradzoopage
📣 Telegram: t.me/tradzooIndex
📲 Android App: bit.ly/TradZooApp
📲 Forex App:tradzoo.com/forex/download
🍎 iOS App: bit.ly/TradZoo-iOS-App
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.