Descending triangle pattern formation
Trend: End of Short downward trend
We have seen a descending triangle pattern in PNB Housing which has formed between 15th Feb 21 - 10th May 21. On 11th May, it broke the resistance level forming a green candle and with good volume. The green candle formed on the 12th of May confirms the positive breakout.
Buy price: 382-385
Initial Stoploss: Aroung 360
Total Predicted upward move from breakout = 27% (Price level of around 465)
Target1: Around 398
Target2: Around 415
Target3: Around 435
Target4: Around 450
We have seen a descending triangle pattern in PNB Housing which has formed between 15th Feb 21 - 10th May 21. On 11th May, it broke the resistance level forming a green candle and with good volume. The green candle formed on the 12th of May confirms the positive breakout.
Buy price: 382-385
Initial Stoploss: Aroung 360
Total Predicted upward move from breakout = 27% (Price level of around 465)
Target1: Around 398
Target2: Around 415
Target3: Around 435
Target4: Around 450
Note
As of 21st May 2021, Target 1 and target 2 are met.Note
As of 25/5/21, Target 3 is met.
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