Navin Fluorine International Ltd
Descending triangles are generally considered bearish patterns, as the consistent selling pressure (lower highs) often leads to a breakdown below support. However, breakouts in the opposite direction can also occur. Hence, Trading Strategy for Descending Triangle in Navin Fluorine International Ltd:
1. Bearish Scenario (Breakdown below ₹3,200):
Entry: Short-sell if the price breaks below ₹3,200 with strong volume.
Target: Measure the height of the triangle (₹3,700 - ₹3,200 = ₹500) and subtract it from the breakdown point:
Target = ₹3,200 - ₹500 = ₹2,700.
Stop-Loss: Place a stop-loss just above the breakdown point, around ₹3,300.
2. Bullish Scenario (Breakout above ₹3,600):
Entry: Buy if the price breaks above ₹3,600–₹3,700 with strong volume.
Target: Use the height of the triangle for the upside target:
Target = ₹3,700 + ₹500 = ₹4,200.
Stop-Loss: Place a stop-loss just below ₹3,500 or the breakout candle's low.
1. Bearish Scenario (Breakdown below ₹3,200):
Entry: Short-sell if the price breaks below ₹3,200 with strong volume.
Target: Measure the height of the triangle (₹3,700 - ₹3,200 = ₹500) and subtract it from the breakdown point:
Target = ₹3,200 - ₹500 = ₹2,700.
Stop-Loss: Place a stop-loss just above the breakdown point, around ₹3,300.
2. Bullish Scenario (Breakout above ₹3,600):
Entry: Buy if the price breaks above ₹3,600–₹3,700 with strong volume.
Target: Use the height of the triangle for the upside target:
Target = ₹3,700 + ₹500 = ₹4,200.
Stop-Loss: Place a stop-loss just below ₹3,500 or the breakout candle's low.
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