Alkyl Amines - Descending Channel

A descending channel is a chart pattern which indicates a downward trend in a stock price. Visually, a descending channel angles downward, from a high point to a lower point.

It is drawn by connecting the lower highs and lower lows of a security's price with parallel trend lines. This should have at least 2 resistance and 2 support zones to establish a channel-like pattern

Usually traders wait for a breakout to signal an entry point, which is when the stock price breaches an established channel's boundaries, either on the upper or lower side.

Target - Target could be placed at a recent high, Since this type pf chart pattern may have multiple lower highs. One could look for a lower high with good consolidation. This is where most buyers would be stuck and may want to exit as soon as the stock price reaches that price. For example: Below mentioned is one such price zone.

CMP 2124
TGT 3203 (50%)

⚡️Disclaimer: Any of my posts should not be considered as a Buy/Sell/Hold recommendation. This analysis is for educational and learning purpose only⚡️