TM : Descending Triangular Pattern on Charts

24 Sep 2017

Dear All , Continuation Patterns are always helpful to identify the trend . In TM , There was Descending Triangular Pattern , While Peak/Bottom is 145.25/103.40$ . On the First Break-Out , It was unable to sustain and came down into the pattern but On 2/3rd of Apex , It gave A Sustainable Break-Out . By Break-Out :
Calculations : According to Pattern - Difference between Peak and Bottom = 145.25-103.40means 41.85$
By Breaking Out 145.25$ , Targets will be of [{145.25+(41.85)}]$
That's Equal to 187.10$
Conclusion : Long TM - Targets :
1st : 123/127$
2nd :130/132$ Stop-Loss : 115.35$
3rd : 144/146$
By Breaking Out 3rd Target , TM will move to 187.10$ in Medium Term .
With Regards ,
KBMJ
Research Analyst (INDIAN)