Wipro Descending Triangle Analysis ðĨ
The above chart of Wipro 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.
Currently, Wipro is in the range of Rs 417.15. If the pattern continues, the price of Wipro might reach the resistance levels of Rs 446 and 476. If the trend reverses, then the price of Wipro may fall to Rs 410
Trading Level â
Entry Point - 425 ( Breakout region)
Stop Loss - 410 (Previous Swing Low)
Target - 446-476
Happy Trading
The above chart of Wipro 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.
Currently, Wipro is in the range of Rs 417.15. If the pattern continues, the price of Wipro might reach the resistance levels of Rs 446 and 476. If the trend reverses, then the price of Wipro may fall to Rs 410
Trading Level â
Entry Point - 425 ( Breakout region)
Stop Loss - 410 (Previous Swing Low)
Target - 446-476
Happy Trading
