Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

Unitech : Ascending Triangle Pattern

51 sec read


 

Stock : Unitech
CMP : 176
Targets upgraded to 220 – 240
Stock Already Recommeded at 157 here and at 153 to to our sms susbcribers
 
Short Term Views
 
Short term technicals says that stock can move atleast 10% from present level if it hold above 176.
Also Ascending triangle pattern formed in the charts are giving us more and more conforming signals
that this stock will shine for the next week. Weekly charts technicals says that a nice pull back can
extend upto 205-210 in one or two weeks.
 
Check out the unitech previous recommedation here
 
http://www.marketcalls.org/2008/07/unitech-at-deal-will-it-get-through.html
 
Charateristic of Ascending Triangle Pattern :
 
1. Security within the context of an uptrend traces an orderly price decline from a swing high much like a pullback buy. The price then rallies up to the prior swing high and stalls. A second pullback occurs as overhead resistance is decreased and the stock then forms a higher swing low. This occurs over and over again until a series of equal swing highs and higher swing lows is formed.

2. The power of an ascending triangle can be greater after a powerful upside move due to the possible increase of underlying support.

3. Ascending triangles can be stronger when the swing high that begins the pattern is also an all time high due to the possible lack of overhead resistance.

 
 
 
 
 
 
Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

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