The security has formed a Descending triangle. Descending Breakout on the upside has a higher success ratio compared to the downside.

The price is trading near the Fast and Slow EMA . Price breakout on the upside with a Fast and Slow EMA trading upside will be a strong confirmation to enter long and vice-versa for short.

RSI is following the price, an upside breakout followed by RSI would be a confirmation to go long, and vice versa for short.

On an upside breakout DI+ trading above DI- with ADX trading above DI- would be a strong confirmation to enter long and vice versa for short.

Advice: Trade as per Breakout expecting breakout upside.

Descending Triangle

Oct 08 2023