kodisumanth

Descending Triangle Pattern repeats in Muthoot Finance

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NSE:MUTHOOTFIN   MUTHOOT FINANCE LTD
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Earlier a descending triangle pattern was formed but failed to break downwards. Now again the same pattern seems to be forming taking the same support level of earlier descending triangle . Looks bearish in short future.
Comment: The above idea needs to be modified as the time scale is too small. If we look at hourly chart, I think the trend is forming towards an ascending pennant with resistance around 1344. Pennant has a flag pole which is evident from sharp rise from 16th july to 22nd july.
So in coming days, the daily chart might form doji or spinning tops for few days followed by break out above 1344.

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