Valiant Organics - Double bottom and descending triangle

CMP - 411
TARGET – 1800

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


Description:
A descending triangle refers to a chart pattern used in technical analysis that is characterized by a descending upper trendline and a second, flatter horizontal trendline forming a support level.

Downtrend: The market in question must be in an existing downtrend before the descending triangle pattern appears.

Consolidation Phase: The descending triangle appears when the market is entering the consolidation phase.

Descending Upper Trendline: Building on the second point, a downward sloping trendline can be drawn by connecting the upper points and indicates that the sellers are gradually pulling prices down.

Horizontal Lower Trendline: The lower horizontal trendline primarily acts as a support, and prices often approach the level until the breakout occurs.