Ascending triangle pattern - IGPL looks good!

2023년 9월 18일

Here's a breakdown of Daily Chart analysis go IGPL :

Pattern Description: An ascending triangle is formed, there is a combination of higher lows and a constant upper resistance level. The higher lows suggest that buyers are becoming more aggressive over time.

Buyer Aggression: The pattern indicates that buyers are more motivated and aggressive in the market compared to sellers. This is because they are willing to buy at progressively higher prices, which suggests increasing demand.

Upper Resistance Level: The upper flat line of the triangle represents a level at which there is a supply of shares available. This means that sellers are active at this price level, preventing the price from moving higher. This resistance level is typically horizontal.

Breakout Signal: The key event in an ascending triangle pattern is the breakout. When the supply of shares at the upper resistance level depletes, there is often a strong move upward as buyers overcome the selling pressure. This breakout is considered a bullish signal and is seen as a continuation of the prior uptrend.

In summary, an ascending triangle pattern is a bullish sign in technical analysis. It suggests that buyers are in control, and when the price breaks out above the upper resistance level, it is seen as a confirmation of the uptrend and a potential buying opportunity for traders. However, as with all technical patterns, it's important to use other indicators and analysis methods to make informed trading decisions.

PLEASE NOTE THAT:

• This chart analysis is only for reference purpose.
  
• This is not buying or selling recommendations.
  
• I am not SEBI registered.
  
• Please consult your financial advisor before taking any trade.