KEI Industries Forms An Ascending Triangle Pattern Signalling A Short-Term Bullish Breakout
India, May 29 -- An ascending triangle is a bullish continuation pattern marked by higher lows and a flat resistance line. The chart shows a confirmed bullish breakout above the resistance neckline. Supported by volume surge and points to a potential short-term upward move.
On Wednesday, KEI Industries Limited broke above the key resistance level of Rs 5,303 and managed to stay above it, turning the level into a strong support zone. The stock closed at Rs 5,446.20 on the weekly chart, indicating continued bullish momentum.
In an ascending triangle, traders typically target the nearest resistance level or project a price move equal to the triangle's height from the breakout point, using strong volume and momentum to confirm the trade.
I...
Click here to read full article from source
To read the full article or to get the complete feed from this publication, please
Contact Us.