Rectangle channel patterns are formed by price action between two key trendlines bound by multiple equal (near) highs and lows. The duration of the pattern can be a few days to months. Longer duration patterns are considered to be more reliable. The volume inside the pattern is non-decisive, but volume tends to increase during the breakouts. Trade: Trade setup occurs when price closes outside the trendline (upper or lower) at least two bars signalling a breakout. Trades are entered on a follow-up bar at high above the breakout bar. possible targets - 70/72 Target: Targets in rectangle channel formations are based on the depth of the rectangle pattern. Targets are usually set at 70% to 100% of the depth of rectangle from the trade entry OR 7% to 10% form the BO price. Stop: Rectangle patterns fail when prices retrace into the middle of the rectangle channel. Place a stop order just below the middle of the channel. In our case, it could be 64.5.
MACD MACD line is greater than signal line which shows bullishness in future.
Volume Huge volume spike can be seen that indicates bulls are on upper hand.