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Triangle

Skipper Ltd - Triangle Pattern Breakout FormedFundamental Overview of company : Skipper is the market leader in the manufacture of T&D structures and distribution poles. It is positioned among the 10 largest global T&D structure manufacturers. It is India’s largest and world's only Integrated T&D company having its own Structure rolling, manufacturing, Tower Load Testing Station & Transmission Line EPC. Technical Analysis : 1. Bullish closing candle above recent resistance line gives confidence to show further momentum on the top side. 2. In terms of chart pattern, NSE:SKIPPER formed triangle chart pattern breakout starting from June 2024 to Sept 2024. 3. Price struggled to close above 463.8 almost 4 consecutive days from 21 aug 2024 - 25 aug 2024 but failed to cross the resistance. but today stock price successfully closed above the resistance gives confidence for further swing. 4. Strong volume indicates the presence of heavy transactions happened at this price point indicating interest among the market participants Risk Reward Ratio : We can focus 1:1 risk reward ratio on this trade considering support and resistance. Exit points : One can consider to exit from this stock on 2 factors 1. Day candle closure below trendline 2. Day candle close below Stop loss
NSE:SKIPPERLong
by Breakout-Ideas
MidCap Nifty - Sep 23Price is consolidating in the form of triangle and also it is at support. Buy above 13100 with the stop loss of 13060 for the targets 13140, 13180, 13220 and 13260. Sell below 12980 with the stop loss of 13020 for the targets 12940, 12900, 12860 and 12820. Check the live market updates. Hit the like button to Rock !! Show some energy !! Note : This is my pre market analysis and my trading journal. Not a suggestion to buy or sell. You are responsible for whatever you do.
NSE:MIDCPNIFTY1!
by vanathi
RELIANCE -Watchlist - Descending triangle formation -Daily- VolThe chart analysis for Reliance Industries (RELIANCE) indicates the following key points: ### 1. **Descending Triangle Formation:** - A descending triangle pattern is visible, which is a bearish chart pattern formed by lower highs and a flat support line (around ₹2,900-₹2,910). This suggests selling pressure as buyers are unable to push the price higher while the support level remains relatively strong. ### 2. **Key Resistance Levels:** - The stock is currently facing resistance around ₹3,075 and a stronger one at ₹3,217, which aligns with previous high points. - If the stock breaks above the descending trendline, it could lead to a bullish reversal, with potential upside targets toward these resistance levels. ### 3. **Potential Support Breakdown:** - The downside risk is indicated by the yellow arrow pointing towards ₹2,603, which is the next major support level if the ₹2,900-₹2,910 zone fails to hold. - A breakdown below this zone could result in further selling pressure. ### 4. **RSI Divergence:** - The Relative Strength Index (RSI) has shown bearish divergence as the price made lower highs while the RSI was in a downward trend. However, RSI is currently near 50.84, indicating neutral momentum but nearing overbought conditions. ### 5. **Volume Trends:** - The recent uptick in volume suggests increasing interest and could indicate a potential breakout from the consolidation phase, depending on the direction of price movement in the coming sessions. ### Conclusion: - Watch for a breakout above ₹3,075 or a breakdown below ₹2,900 for the next directional move. Volume confirmation is essential to validate any breakout or breakdown. This analysis suggests caution until the price breaks out of the descending triangle or support levels are confirmed. As of September 20, 2024, the Open Interest (OI) data for Reliance Industries shows interesting patterns that provide insights into potential market direction. Call OI Build-up: There was significant accumulation at the 3,100 and 3,200 strike prices, indicating resistance at these levels. Traders are positioning these as key zones where the stock might face selling pressure if it approaches. Put OI Concentration: On the downside, the 2,900 strike price saw notable Put OI build-up, suggesting this level as strong support. If the stock price drops, traders expect the 2,900 level to provide a cushion. Put-Call Ratio (PCR): The PCR hovered around neutral territory, indicating that neither bulls nor bears have a dominant hold. However, increased volatility could be expected in the short term depending on broader market conditions.
NSE:RELIANCELong
by DailyCharts03
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