AK1808

Descending triangle !!!

AK1808 Updated   
NSE:M_M   MAHINDRA &MAHINDRA
Stock is forming a descending triangle pattern on weekly chart. Descending triangle pattern is considered as bearish pattern . Once breaking the support, short positions can be initiated. In this case stock has made support at around 735/740 levels. So, one can keep this stock on watch-list and trade can be initiated, once breakdown/breakout happens. If the stock crosses and closes above the trendline, longs can be considered and vice-versa.
Trade active: Stock has given breakout. Hope it makes new high in coming weeks, months.
Trade closed manually: Stock has given breakout and one can continue holding for new high in coming weeks, months. 860 and 880 levels would act as resistance.
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