Nifty Breaks out Descending Triangle

NSE:NIFTY   Nifty 50 Index
It is been observed on the hourly chart that the price action firstly consolidated in a descending triangle and Yesterday it breaks out and closes below the triangle indicated further bearishness in the price action ahead. Now, it shall move to 8000 support levels.

Target: 8000
Stoploss: 8150
Risk Reward: 1:1
Trade active: Markets marching towards 8000 support levels. Regards
Trade active
Trade closed: target reached: Target reached successfully, Regards


@NeeteshJain - don't you think the bearish descend triangle doesn't exist anymore as Nifty has crossed that and taken multiple support around 8070?
+1 Reply
NeeteshJain SaurabhMehra
@SaurabhMehra, It is a part of a retracement to the previous support levels. This pattern will be invalid once it crosses and closes above 8142 levels. Forming a new high. Regards
@InsiderB The above chart is a follow up to your previously formed Triangle, I believe Yesterday, it breaks down from the triangle and now shall move to 8000 levels. Regards
InsiderB NeeteshJain
@NeeteshJain, Thats Nice one bro :) Expecting a similar move... lets see what Nifty holds for us
+1 Reply
NeeteshJain InsiderB
@InsiderB, Sure, looking ahead. Thanks, Regards