Hi friends, Hope all are you fine and doing well.
Today i have come with with a ordinary and easy to understand chart sharing with all of you.
So I am Sharing weekly chart of Indian Telecom Giant Bharti Airtel as we can see on provided chart that price is moving upwards in ascending channel and gives a parallel channel breakout after a long consolidation of fifteen weeks in channel, Earlier i observed an ascending triangle breakout too in it and after that it reached in to new range which i mentioned consolidation in parallel channel above. So we can see a buildup of fresh momentum and price can touch new heights in coming sessions.
Target Identification-:
Target identified by the upper trendline of ascending channel will act as possible barrier for it for some time and there will be a good chance for unwind the long position for sometime and will wait for a retest after profit taking.
For retest entry- After this parallel channel breakout it can retest it's channel resistance which is near about 910-905 levels.
Chart is having some educational stuff too that how can we identified Breakout patterns and how can we complete our full ride after seeing that fresh breakouts arriving one by one. by this atleast we can stop wrong exits of profit or loss bookings friends.
KINDLY NOTE-: This is not and trade or investment advice. This idea is meant for learning. Invest your capital at your own risk.