Security is making Higher lows and Lower Highs forming a symmetric triangle, A symmetric triangle breakout at the lower level has been witnessed indicating a negative trend.

The price is trading below the Fast and Slow EMA indicating a negative trend with EMA's trending downward indicating a downward move.

The  RSI is trading near the 22 mark and retracement in the security can lead the RSI to rise up to the level of 40-45 which would be a point of entry in the security.

The Direction Indicator, DI+ is trading above DI- indicating a positive trend with ADX trading above the DI's which indicates strength in the move.

Hence based on the above technical study one can initiate long at pullback for a downside move.

Symmetric Pattern Breakout on the downside

Oct 05 2023