shekarg

IDFC is at the verge of triangle pattern break out

Long
NSE:IDFC   IDFC LTD
308 views
5
The stock is in uptrend since May 20 and after touching a high of 22.3 it has formed a descending triangle pattern. Currently trading at 19.15, at the verge of upside break out and RSI is also above 50 on both 1h and Daily chart . If the pattern is broken then we can see up move upto target1 22, target2 25.
Comment: first target achieved, inching closed to second target
Trade closed: target reached: 47% move in just 12 days

Comments

The descending triangle is the bullish pattern. so, how can u say it will break upward. why not Downward?
+1 Reply
shekarg krishnakk789
@krishnakk789, Actually the descending triangles are bearish patterns. but in this particular script, as you can see last 3 green candles, the price seems to be going up and may break the slanting trend line,we can be bullish on this only if the pattern is broken.
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