Patterns play an important role in trading. Especially when the same patterns appear on the different time frames. In Marico we see the formation of triangle patterns on Daily, Weekly and Monthly time frames.
Daily Chart - Ascending Triangle Pattern In two trading sessions the price had tested the upper and lower length of the triangle. So, from this we predict the price is ready for a move.
Weekly / Monthly Chart - Symmetrical Triangle Pattern This triangle pattern has a success rate of more than 70%. And the price is near the upper length of the triangle on both time frames.
If we see the broader picture of these 3 time frames the stock looks bullish as it tries to move upside. The price may be volatile on the daily time frame. The probability of the volatility is very high. The volatility on the daily time frame makes the price comfortable on the weekly and monthly time frames.
Thank you for your valuable contribution to the Tradingview community and keep up the good work!