BANKNIFTY November 10,2023
Descending Triangle Pattern: Potential Downtrend?
As discussed in our previous analysis, a descending triangle pattern formed around the major support line. However, due to the strength of the support, a trend reversal occurred as predicted. Now, a similar triangle pattern has formed and the support line has been tested again. This may indicate a downtrend, which is also supported by global market cues.
I have plotted support and resistance lines based on price action. Please trade carefully.
As discussed in our previous analysis, a descending triangle pattern formed around the major support line. However, due to the strength of the support, a trend reversal occurred as predicted. Now, a similar triangle pattern has formed and the support line has been tested again. This may indicate a downtrend, which is also supported by global market cues.
I have plotted support and resistance lines based on price action. Please trade carefully.
Trade active
An ascending triangle has formed indicating a breakout
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