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the_consolidation_guy

Descending Parallel Channel

Long
CUMMINS INDIA (NSE:CUMMINSIND)  
the_consolidation_guy Updated   
NSE:CUMMINSIND   CUMMINS INDIA
Trend Analysis Chart Patterns CUMMINSIND Descending Channel
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trendanalysis chartpattern cumminsind descendingchannel
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.
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.
Comment:
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%)
Comment:
Almost confirmed breakout.. Testing the daily R1 and our previous swing high levels.

Looking forward to a break and close above 857 tomorrow.
Comment:
Keeping the top trendline of the descending channel as a support.
Trade closed: target reached:
Neat break. Taking a swing high as resistance.
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