On a Daily Time Frame, Sail is Forming a very beautiful Descending triangle pattern. Currently trading at the resistance of the trend line. Might see a fall for next few sessions and a good fall after the successful breakout. Keep a close watch.
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Self-explained chart : Just educational purpose
⌛ Motivational and psychological area ⌛
✣Trade only if you are in the right mindset, if you have been emotionally weak for some time, take your time and don't trade, trade with a happy and + mindset only.
✣If you...
JUST A REVIEW OF MY ANALYSIS DONE AT: 4520 levels and 4820 levels :) now it might rest here sometimes or might even go for the ATM :)
PEOPLE WHO are in this trade should book some of the profits 50 to 70 % and SL trailed to today's Low :)
Nice analysis :)
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Long term bear trend breakout with good volume..
Consolidation in descending triangle..
Entry only on breakout and candle closure on Daily TF..
Resistance lines to be monitored for any reversal.
Targets are as per fib levels..
Chart is only for educational purpose & not a recommendation for buy or sell..
Descending Triangle forming on Daily Chart of BIRLACABLE. Above 123-25 -> 143-47, 160, 175. Support 104, 95, 85, 82-3, 74-5. Volume is low since the last High Volume Candle. Today it bounced back from 104.30. I'm learning chart patterns as of now. You can plan your trades accordingly if you know how to trade these patterns.
Probable Scenario - Correction - That might break the support level of the descending triangle.
Alternative Scenario - Another hit to previous high - After that consolidation over a long period
Descending Pattern formed in daily chart of Adani Enterprises.
Price breakdown below 50 EMA.
MACD gives bearish signal.
Trend Reversal could occur.
And after all,Market is in negative note.
Target 1238
SAIL is forming a Descending Triangle , RSI has already given a Trendline Breakout , a descending triangle breakout is soon expected.
Suggested Entry:- Above 130 levels
Targets as per Fibonacci Extension:-
T1: 145
T2: 148
T3: 153
NSE:SAIL
The stock has shown breakout of the declining pattern of descending triangle, can be bought for targets of 1450 and 1500, the next 2 resistance zones.
P.S: This idea is for educational purposes only and should not be construed as an investment advice.
👑 Terms used if you don't know :
✣ Contraction pattern: A pattern starting with a broadening high candlestick and low candlestick and converging to a fixed point, these highs and lows created in between them are bulls vs bears fight going on inside the pattern and if it comes to the lower part of it, surely bulls will take it to the topmost point and vice-versa...
Catching the pattern before it is formed is of key importance if you trade on technical analysis!
Descending triangle and head and shoulder in 15 min time frame
plus
inverted head and shoulder in longer time frame
these gives multiple confirmation for the short signal on colpal
