Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

Descending Triangle Pattern in IDFC

29 sec read


 

Stock : IDFC
CMP : 97.5
 
 
IDFC is showing a deceding Traiangle Pattern in IDFC. Maximum target can extend anywhere upto 100-103
Breakout looks possible only above 107. But the downside is looking dangerous and may extend upto 78.
So beware of this stock if you are holding this stock. Strong Supports near 90. Please view the sample chart as shown below.
 

Charactersitic of Decending Traiangle Pattern
 
With descending triangles, trend lines converge with a horizontal trend line for lower support, and a negative sloping resistance trend line.

Descending Triangles offer a clearer picture of potential breakouts. Since the lower support level is horizontal below, and upper support is descending downward, the pattern suggests that the stock trend is still bearish and the breakout will likely be bearish

 
Rajandran R Founder of Marketcalls and Co-Founder Algomojo. Full-Time Derivative Trader. Expert in Designing Trading Systems (Amibroker, Ninjatrader, Metatrader, Python, Pinescript). Trading the markets since 2006. Mentoring Traders on Trading System Designing, Market Profile, Orderflow and Trade Automation.

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