Triangle pattern is formed when price crosses from trendline to trendline nearly filling the available space. One should avoid the pattern if there is more white space. This nicely formed pattern has given breakout. Mates can use the setup for their trading. Defensively one can wait for a retest on upper boundary.
Disclaimer : All ideas and comments are my ...
1.Descending triangle in formation
2.Price play at pivot
3.20hr resistance band of kumo cloud will resist uptrend heavily
4.Another touch of the triangle upper trendline expected
5.a volume backed breakout expected
6.this triangle is a continuation pattern so downtrend prevails
7.Downtrend follows the fibonacci where the primary fibo ratio of 0.618 is considered ...
with 450 as base price VA Tech Wabag forming descending triangle pattern ....we can keep 450 as stop loss and accumulate if it breaks 450 it may fall further . but I believe it will hold 450 level and bounce back from here
In monthly, round bottom formed here.
in daily, price broke out of descending triangle consolidation with increasing volume.
https://in.tradingview.com/x/4RgLXHC1/
with sl - 188, 1st tgt - 352, 2nd tgt - 570, long term tgt - 790
As it sees it forms a descending triangle in 30 in time frame + volume + rsi + at a fib .38% level on a daily chart + having long trend line support as well.
For Day trader - Buy above 219 stop loss 216 TARGET- 222 224 228.
For other trader- buy above 220 stop loss 205 TARGET- 230 240 250. In a case of downward breakout initiate buying in the range 206-211 stop ...
Descending Triangle on TATAMTRDVR and the pattern will get successful only when the price breakout on downside otherwise consider as false breakout.
Trade:
Short - 258
Target - 238
Stop loss - 270
Descending Triangle pattern on Castrol India and it will break only on downside or if broken in other side is consider as false breakout / pattern failure.
Trade:
Short below - 396.00
Target 1 - 385.50
Target 2 - 375.50
Stop loss - 405
