The stock is in uptrend since May 20 and after touching a high of 22.3 it has formed a descending triangle pattern. Currently trading at 19.15, at the verge of upside break out and RSI is also above 50 on both 1h and Daily chart. If the pattern is broken then we can see up move upto target1 22, target2 25.
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first target achieved, inching closed to second target
The descending triangle is the bullish pattern. so, how can u say it will break upward. why not Downward?
shekarg
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@krishnakk789, Actually the descending triangles are bearish patterns. but in this particular script, as you can see last 3 green candles, the price seems to be going up and may break the slanting trend line,we can be bullish on this only if the pattern is broken.