Hello Sir, i have a question For Biocon, you suggested buying it above 389 (high of the breakout candle). However, there is a resistance at 395. So should we wait for the price to cross the resistance or should we buy above the breakout candle as suggested? Though there is not much of a difference between the 2 prices, but asking this for educational purpose.
Hi Shaisang, interesting question. The thing with symmetrical triangles breakout or descending triangle breakouts is that all the high points of the triangle seem to be resistance until you connect them with a trendline to get a clearer picture. The resistance at 395 here is also the high of the triangle and hence pretty much covered in the “symmetrical triangle breakout”
Hello Sir,
i have a question
For Biocon, you suggested buying it above 389 (high of the breakout candle). However, there is a resistance at 395. So should we wait for the price to cross the resistance or should we buy above the breakout candle as suggested?
Though there is not much of a difference between the 2 prices, but asking this for educational purpose.
Hi Shaisang, interesting question.
The thing with symmetrical triangles breakout or descending triangle breakouts is that all the high points of the triangle seem to be resistance until you connect them with a trendline to get a clearer picture.
The resistance at 395 here is also the high of the triangle and hence pretty much covered in the “symmetrical triangle breakout”