Descending Parallel Channel

Jun 10, 2021

CUMMINSIND

Notes :

• Descending Parallel channel started around 17th March
  
• To be on the safe side, I would confirm breakout only if the most recent swing high is crossed (at 858). However, for intraday, the immediate target after breaking the channel can be kept at the same level.
  
  

Please note - Not a SEBI Registered Advisor/Analyst. Only for Educational Purposes. Please Consult your financial advisor before you take any action.

Jun 14, 2021

Trade active

Still hugging the top trendline..
Even though the candle on 14th June had a low of 811, it closed much higher keeping breakout still in the cards.

Jun 15, 2021

Note

Looks like a breakout..
Waiting for a candle to close above the previous swing high at 857.
Aggressive traders can use that as the first target intraday (1%)

Jun 16, 2021

Note

Almost confirmed breakout.. Testing the daily R1 and our previous swing high levels.

Looking forward to a break and close above 857 tomorrow.

Jun 20, 2021

Note

Keeping the top trendline of the descending channel as a support.

Jul 1, 2021

Trade closed: target reached

Neat break. Taking a swing high as resistance.