ITC 1D🔺 Triangle Pattern (likely Symmetrical/Ascending Triangle)
Current Price Zone: ₹416
Pattern Type: Likely Ascending Triangle (if higher lows are forming against a horizontal resistance)
Resistance Level: Around ₹416–420
Breakout Confirmation: Needs a strong bullish candle above resistance with significant volume.
📊 What to Watch:
Volume:
A genuine breakout should happen with above-average volume. Watch the 50-period or 20-period average volumes on daily or 1H chart.
Breakout Candle:
Should close above ₹420 ideally. A breakout without closing above resistance is risky.
Retest Possibility:
Sometimes, price may break out and retest the breakout level before continuing the uptrend. Don’t panic if it slightly dips and holds support near ₹416.
🎯 Target Levels After Breakout:
You can calculate the triangle breakout target like this:
Target = Height of triangle + Breakout point
Let’s assume the base of triangle is from ₹375 to ₹416 = ₹41 range
Breakout Target = ₹416 + ₹41 = ₹457
📌 Extended Target (Momentum-based): ₹475–₹500 zone
📌 If volumes + broader market support: ₹500+ is possible, especially in swing or positional setups.
📉 Invalidation (Risk Management):
If after breakout, price falls below ₹410–408 with volume, it could be a false breakout.
Keep a stop-loss below previous swing lows or support trendline.
🧠 Summary:
✅ Triangle breakout with volume = bullish confirmation
🎯 Targets: ₹457 → ₹475 → ₹500
❗ Risk zone: below ₹410
🔁 Retest is common before upmove continues
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