REC LTD (AN INCOMING BREACH OR REVERSAL WITHIN THE TRIANGLE ?)
REC LTD has been consolidating for a while now. It has formed a pretty big triangle and is currently hovering around the triangles support line. Any breach of the same should take the stock lower around 100 levels. However if the trend line within the triangle is breached the price should continue within the triangle moving upwards. A trade on the breach is a much more comfortable of a trade since a reversal may or may not give the same expected move as the breach towards the downside.
Either way it would depend on your ability to trade it, for example a breach towards the down side can be traded intraday as well as on a swing basis depending on the movement however an upward breach might only be an intraday trade.
Keep an eye should be an interesting week for the stock.
Either way it would depend on your ability to trade it, for example a breach towards the down side can be traded intraday as well as on a swing basis depending on the movement however an upward breach might only be an intraday trade.
Keep an eye should be an interesting week for the stock.
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