Triangle pattern on CANTABIL

1 Jul

CANTABIL formed a triangle pattern on weekly chart. Price broke out of its long term resistance today with high volume. Multiple support and resistance were tested prior to breakout. Also note the consolidation just before breakout on daily. That would act as a good support if price retraces. Also that would be a tipping point where the setup could become invalid. Considering you have the stop loss just below that low, you can target the width of the triangle. This is a high risk trade but offers good reward if it goes your way. Entry can be had just above todays high that would give a risk reward ratio of 1:3.

Hope you like this idea. If so, please boost this idea or leave a comment below on what you think. Otherwise, happy trading :-).