#The Pattern is a simple Support and Resistance
Points to Look:
1.The Channel Pattern is slanted downwards, this pattern has a high success rate!
2.Inside the pattern the recent trend is Bullish(Higher Lowes formation)
3.There is 'W' shape pull visible(23 Dec to Jan 6 touch points) in the trend which is also a good bullish sign.
4.Despite all this wait for a confirmation candle tomorrow and then take the position.
5.The Stoploss is minimal which can be kept below the upper trend line also shown in chart.
$Happy Trading Mates$
Points to Look:
1.The Channel Pattern is slanted downwards, this pattern has a high success rate!
2.Inside the pattern the recent trend is Bullish(Higher Lowes formation)
3.There is 'W' shape pull visible(23 Dec to Jan 6 touch points) in the trend which is also a good bullish sign.
4.Despite all this wait for a confirmation candle tomorrow and then take the position.
5.The Stoploss is minimal which can be kept below the upper trend line also shown in chart.
$Happy Trading Mates$