Can anyone validate this chart?

The yellow lines (for triangle formation) were drawn by me..I wanted to cross check with you folks as well so that i can go ahead for checking other stocks.

But unforutnately I am not able to come up with the correct target price. Will it be the 22 or 23?

RSI (62%) looks better?? and MACD cross over is also there in this scrip.

Is it correct?..or should I look for some other indicators as well Traderji?..Please guide.



rajesh_b_2k said:
Just got his from Amibroker for Ester Industries Ltd. Is it a ascending triangle pattern?..

Hi Rajesh
You are jumping the gun pal.It's not a triangle but more of a narrowing ascending bottom or a narrowing ascending wedge.
You are drawing the connecting trendlines too far back.Connect them to recent bars and you will see the difference.The apex is too far back to call it a valid triangle.There is no clear trend too for now.Has potential though.

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