1/price making HH ,HL in daily & price break previous high so trend now bullish(in hourly it makes HH & HL)
2/price correct in major trend 38% & short term trend 62%
3/MacD showing divergence
4/Bulish sign comming in weekly chart( mornig star candlestick pattern)
5/Entry If price sustain aboe BO line 1hr
5/SL below recent swing low in daily chart
The Descending Triangle is bearish formation during a downtrend of a security. However , there are instances when Descending Triangle forms a reversal pattern which seems to be the case of Muthoot Finance. Targets on the chart.
Disclaimer : The opinions and analysis expressed herein are for informational and educational purposes only and should not be considered...
Muthoot Finance Limited : ( NSE:MUTHOOTFIN ) is Making Symmetrical Triangle Pattern (PATTERN BREAKOUT TRADE).
This can become a very good trade for iNTRADAY Traders.
Target + StopLoss: There is no target here. You keep the first target as much as the StopLoss you put. And the StopLoss will be the Low/High of the candle that BROKE this pattern. Or ...
Muthootfin has broken its major resistance.
The price can reach its 52 week high again.
We will be looking at holding it for a long term , good for long term investors.
ENTRY : 1064
TARGET : 1400
STOPLOSS : 850
Stock gave a breakdown near 1070 in last trading session and today moved till 1000 to fill the gap (1012 to 1037) that was created on 18th June.
After filling the gap, stock started to move upward.
Let's wait & watch how the stock behaves near breakdown level.
MUTHOOTFIN BUY: 1125, SL: 1050, T1: 1250, T2: 1380
The pattern so formed is Rising Wedge and has a clear breakout.
Buy when stock retest its support trendline.
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Disclaimer: Do your own analysis before taking any action.