Channels are very powerful trading tools check out old post for CANBK & FINANTECH. I always try to find out if there any price channel in formation. One such highly rewarding trade is shown in chart above.
Century Textile is at channel support. Trend line support comes around 375 and 5mlema is at 371. Break of the same will confirm the channel breakout Conservative shorts can be initiated below the same with minimum sl. Strength only at the break of newly formed red channel.
Author – Pattern Trading