HTI: Breakout Trading Opportunity

Published On: 11 March 2024, 9:20 AM | Kwong Jun Yuan, Dealer

Key Entry Price Pivot(s)
  • 3420
  Recommended Trade
  • Long at level 3420, take profit at 3540, stop loss at 3338
  Alternative Case
  • Short at level 3335, take profit at 3200, stop loss at 3418
  • Analysis of HTI 1-hour chart reveals a symmetrical triangle pattern since March 4, 2024, indicating a period of consolidation.
  • The narrowing gap between the converging trend lines suggests an imminent breakout, typically resulting in a significant price movement.
  • A trading strategy could involve taking long or short positions based on the breakout direction once the resistance level is breached with a strong candlestick bar.