Airtel - Potential Breakout

Observations :

1. Airtel has been moving downwards for a few weeks now.
2. It has tested and respected 200-EMA multiple times (more than 5 times) in such downfall
3. It is currently trading around 200-EMA
4. Volume dry up and loss of momentum can be seen, Usually it is followed by a spike in volumes and a super-move (either side)
5. After looking at candles and overall chart structure an Ascending Triangle with upper trend line + 200-EMA line can be formed. It indicates a higher probability of an UP MOVE in coming weeks
6. Along with 200-EMA, price has been respecting the Fibonacci Levels of 50% & 61.8% too. (For fibo - use weekly chart and draw fibo levels from inception of the up trend)
7. Multiple supports (demand zones) below CMP and probability of an up move after triangle breakout makes it a potential breakout candidate

Risk Reward Ratio is 2.5 times or more. (Expected Profit is 2.5 times more than expected loss)

Keep an eye on the price action. Ideal buy would be above 545/550 levels subject to high volume breakout.

Do you analysis.
Comment: Buy above 545 with a SL of 505 (day close)
for a target of 620+ is an ideal setup (for me)