DCB BANK LTDLong
DCB : Symmetrical triangle in action
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Scrip has been moving in swings with three higher lows and three higher highs for 75 days, henceforth validated with time duration and trend and it managed to retrace back quickly after breakdown from ascending channel prior.
As the symmetrical triangle extends and the trading range contracts, volume has also started to diminish. This refers to the quiet before the storm, or the tightening consolidation before the breakout. Breakout at around 192 price level is awaited with volume surge which can take it to target price or beyond as anticipated crossing 52-week highs
As the symmetrical triangle extends and the trading range contracts, volume has also started to diminish. This refers to the quiet before the storm, or the tightening consolidation before the breakout. Breakout at around 192 price level is awaited with volume surge which can take it to target price or beyond as anticipated crossing 52-week highs
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As per weekly chart, Scrip has formed sort off inverted rounded after retracement from core resistance levels. Should be able to see breakout with bulls pushing the price range beyond resistance zone now
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