amankavi

Vijaya bank - symetrical descending triangle

NSE:VIJAYABANK   VIJAYA BANK
76 2 4
Scrip has gone through descending triangle formation from 52 week high resistance as it has seen sufficient bearish pull. Breakout goes up or down is to be decided
Going below 65-67 support level would take more selling pressure or the scrip can stride up towards resistance levels
It can go up as the company has Dividend Payout: 24.03% due to which masses would hold to their positions
Comment: Scrip has managed to reverse from crucial support levels with good bullish surge. Planning to enter at price range of 71-72 towards resistance 1 and if the momentum continues, aiming for resistance 2 and beyond
Majorly, Sudden surge in %william needs to consolidate in channel as seen earlier (T1) for bullish surge to be retained
Bro I think this is Falling Wedge pattern...
+1 Reply
amankavi AkshatPatwa
@AkshatPatwa, Bro, you are right. We can presume it either ways as both patterns bear sufficient similarity although i feel, descending wedge has more chances of seeing bullish reversal.
Wished to primarily see where breakout goes and trade after wait and watch :)
Still learning the technical patterns, formations e.t.c
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