February 1, 2011

TITAN Industries Triangle pattern

  • Titan industries is trading in a consolidation triangle pattern in weekly chart.
  • Stock is trading above its 50 day moving average. If it continues to trade above it an upside breakout is possible.
  • But these patterns should be traded with caution and a position should be taken only on a breakout.
  • Fib levels shows 3602 as 38.2% Fib level for the stock. A convincing high volume trade above this level may give 50% Fib level at 3724.
  • Falling below 50 day moving average will favour bears of TITAN.

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