COALINDIA formed a symmetrical triangle on daily chart and broke out of resistance with strong bullishness followed with huge volume spike. Looking the pattern formation, could see bears are weakening on every swing before breakout of resistance. Also note the low volume when price falls indicating sellers are not willing to let go at lower price. Prior runup to formation of the pattern also indicates bulls are out there to move the price. One could have stop loss just below breakout candle with potential target close the width of triangle. Risk reward is also favorable in this trade at 1:2.
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Hope you liked this idea, if so please boost this idea so others could benefit or leave a comment on what you think. I'll be glad to hear from you. Otherwise happy trading :-)
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