52 week highs and all time highs strategy

[hitesh2710]

Hitesh portfolio

@Surender What you mention is the usual thing happening in symmetrical triangles. Its usually a pause before a move in the direction of prior move. But markets being markets may not have taken what we have understood to heart. They have a mind of their own, and so have triangular consolidations… We have to be cognisant of all possibilities and be ready for any outcome.

Above was the response to a query related to a symmetrical triangle formation I had posted on South Indian bank. And with the imminent departure of its CEO, the stock price tanked, breaking down below the above mentioned triangle and stock price took support at exactly the previous breakout level of 14. Goes to show its better to be patient and wait for a successful breakout from a triangle and then only contemplate an entry and that too with proper stop losses in place.