Trainglepattern analysis in the wipro

May 21, 2021

In this chart you can see the multiple touches at the top side which has been show by red bars are the resistance where the market get retest multiple times. In this you can see when the market came at the point where trend line has been drawn the candles respect the trend line and return at the down side. Same as the bottom side the green bars shows the rejection at the bottom side, where the market respect the trend and the market moves at up side. The multiple touches at the both side in the traingle shape is called trainglepattern.
In the chart you can see at the top side where the candle has been cross the trend and retested and became support which respect the trend and continues to move at the upside. The movement of the candle at upside called the up trend.