Descending Triangle Analysis Reliance
The above chart of Reliance laid out the descending triangle pattern. This pattern is often regarded as a characteristic of a bearish trend . It is formed by the upper trend line that connects the highs and a horizontal trend line connecting lows converges to form a triangle. If the price action breaches the lower support level , the bearish trend would be sustained.
Generally, descending triangle pattern indicates the reversal of an uptrend or the continuation of the downtrend. Traders keenly look out for a significant breakout point.
Currently, Reliance is in the range of 2633 Rs. If the pattern continues, the price of Reliance might reach the resistance levels of 2800 Rs. If the trend reverses, then the price of Reliance may fall to 2550 Rs.
Trade Setup
Buy Entry : 2650
Target : 2800
Stop Loss : 2550
Happy Trading!!!
The above chart of Reliance laid out the descending triangle pattern. This pattern is often regarded as a characteristic of a bearish trend . It is formed by the upper trend line that connects the highs and a horizontal trend line connecting lows converges to form a triangle. If the price action breaches the lower support level , the bearish trend would be sustained.
Generally, descending triangle pattern indicates the reversal of an uptrend or the continuation of the downtrend. Traders keenly look out for a significant breakout point.
Currently, Reliance is in the range of 2633 Rs. If the pattern continues, the price of Reliance might reach the resistance levels of 2800 Rs. If the trend reverses, then the price of Reliance may fall to 2550 Rs.
Trade Setup
Buy Entry : 2650
Target : 2800
Stop Loss : 2550
Happy Trading!!!
