InsiderB

Descending Triangle : HINDUNILVR Weekly - Waiting for Breakout

NSE_EOD:HINDUNILVR   HINDUSTAN UNILEVER INR1
HINDUNILVR             is ranging from 2015 and formed good descending triangle and we can notice that there are 3 touches by price on both the trendlines of triangle.

Measure of Triangle is about 200 pts , So when we fix targets we can expect around 200pts and this is Medium term trade idea, so this can take time to breakout and trade can progress over few months after we enter the trade on breakout direction.

Entry - On the Breakout direction
Stops - Opp             . to Breakout Direction or based on ATR
Target - Measure of Triangle's height from breakout candle

Its Trade Idea only, take trades after analysis. Happy Trading !

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Nice. I feel, it may find resistance around 865-870
+1 Reply
InsiderB PRO pai56kota
Yes...Possible !
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pai56kota InsiderB
Otherwise, on weekly and monthly, it may find resistance around 950-960 which is top of the triangle.
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