BALKRISIND Descending Triangle Pattern

Oct 28, 2024

BALKRISIND

Chart Patterm : Descending Triangle pattern.

📉 Descending Triangle Pattern 📉

The Descending Triangle is marked by a series of lower highs and a relatively flat support level. It’s typically a bearish continuation pattern, suggesting the price might break below the support level after the consolidation phase.

Possible Targets Based on the Pattern:
🔻 Breakdown Target: If the stock breaks below the support level around ₹2779.00, the target can be estimated by measuring the height of the triangle and subtracting it from the breakdown point. The height of the triangle is approximately ₹596.00 (₹3375.00 - ₹2779.00). Therefore, the breakdown target would be around ₹2183.00 (₹2779.00 - ₹596.00).

🚀 Breakout Target: If the stock breaks above the resistance level around ₹3080.20, the target can be estimated by adding the height of the triangle to the breakout point. Therefore, the breakout target would be approximately ₹3676.20 (₹3080.20 + ₹596.00).

📢 Disclaimer: This is not financial advice. Please do your own research before making any investment decisions. The views expressed here are for educational purposes only.

Happy trading! 📊✨