SORIL INFRA RESOURCES LTD - SORILINFRA(NSE) | FALLING WEDGE

11 sty 2022SORIL INFRA RESOURCES LTD - SORILINFRA(NSE) has been forming a Falling Wedge pattern since May 2021, when viewed in a day's timeframe. As depicted in the chart, it is on the verge of a breakout as it has already crossed the upper boundary of the wedge(green line of the triangle). However, wait for a day at-least to detect a long candle cutting the wedge upwards, so as to confirm the breakout. If a breakout is confirmed, the price can reach a level upto 396(green dashed line) in three months, as indicated by the yellow curved arrow. Since three months is comparatively a bigger timeframe, plotting a Fibonacci Retracement Overlay, would give us fair exit points, ahead of the target.