Clicks Group Ltd
The price of
Clicks Group has formed a triangle consolidation. These patterns are generally considered continuation patterns as they have a habit of occurring before the continuation of the preceding trend, which in this situation is up.
However it is prudent to wait for a breakout to occur rather than to pre-empt the direction. When a breakout does occur we measure the height of the pattern (360), and project the same distance from the breakout area to arrive at a proportionate directional target.
For a downside breakout to occur the price would need to close below triangle support at 6600, while for an upside breakout the price would need to close above triangle resistance at 6780. Should a breakout occur in either direction, failure would be considered should the price pullback half the height of the consolidation (180).