A descending triangle is characterized by a flat support line and a descending resistance line. For a Buy setup, you are looking for a bullish breakout above the downward-sloping resistance line, often triggered by a trend reversal or a "failed" bearish pattern.
Entry Point: Buy above the upper descending resistance line (currently near ₹1,465) once a candle closes above it on the hourly timeframe.
Stop-loss: ₹1,430 (Placed below the flat support base of the triangle to protect against a breakdown).
Target: ₹1,530 (This aligns with major psychological resistance and recent swing highs).
Entry Point: Buy above the upper descending resistance line (currently near ₹1,465) once a candle closes above it on the hourly timeframe.
Stop-loss: ₹1,430 (Placed below the flat support base of the triangle to protect against a breakdown).
Target: ₹1,530 (This aligns with major psychological resistance and recent swing highs).
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.