NIACL - Looks Good!
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Pattern:Symmetrical Continuation Triangle (Bullish)
Time Frame: Daily Chart
Script:
NIACL (New India Assurance Company Ltd)
The recent price movement indicates a breakout from a consolidation phase, signaling the potential continuation of the previous uptrend.
This pattern aligns with the characteristics of a Symmetrical Continuation Triangle (Bullish), where two trendlines converge due to the price making lower highs and higher lows.
During this period, trading volume typically decreases as the price oscillates within a narrowing range, reflecting uncertainty.
However, before the triangle's apex is reached, a breakout above the upper trendline occurs, accompanied by a significant increase in volume.
This breakout serves as a confirmation of the continuation of the prior uptrend.
PLEASE NOTE THAT:
Time Frame: Daily Chart
Script:
NIACL (New India Assurance Company Ltd)The recent price movement indicates a breakout from a consolidation phase, signaling the potential continuation of the previous uptrend.
This pattern aligns with the characteristics of a Symmetrical Continuation Triangle (Bullish), where two trendlines converge due to the price making lower highs and higher lows.
During this period, trading volume typically decreases as the price oscillates within a narrowing range, reflecting uncertainty.
However, before the triangle's apex is reached, a breakout above the upper trendline occurs, accompanied by a significant increase in volume.
This breakout serves as a confirmation of the continuation of the prior uptrend.
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
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