CDSL - Descending Triangle

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CDSL

📅 Date: 14-10-2024

📉 Chart Pattern: Descending Triangle

🕒 Time Frame: Daily Chart

💹 CMP: 1518

Buy Above: 1525

🎯 Targets: 1840 (3 Months)

🔻 Stop Loss Level: Closing Below 1465

How does the descending triangle pattern form?

A descending triangle pattern shows the behavior of sellers. It describes sellers as more aggressive than buyers, causing prices to fall and make continuous lower highs. This trend indicates weakening demand for the security, but a horizontal line prevents the price from dropping further. The price keeps declining for a while but does not cross the support line. When the price reaches the breakout point, it starts declining, signaling the start of a bearish trend in the security. The lower highs indicate increased selling pressure, responsible for a bearish trend.

Disclaimer: I am not a SEBI registered analyst. The charts and levels are posted for educational purposes only and are not recommendations. Please consult your financial advisor before trading or investing. I am not responsible for any gains or losses you may incur.

Happy trading! 📊🚀