InsiderB

Mahindra Finance : Ready for Breakout Descending Triangle

NSE:M_MFIN   MAHINDRA &MAH FIN INR2
10 months ago
For Aggressive traders triangle patterns are like ripe fruit.

Here we got descending triangle pattern in M_MFIN            

Bcos they enter the direction of trade right at breakout and price takes off swiftly in their direction and at times they do employ strategy to increase their profits.

For Triangle patterns none can say with 100% confidence that it can breakout in particular direction. So the chance of M_MFIN             breaking out in any direction is possible.

Happy Trading !
10 months ago
Comment: This is one of the examples how markets will reward you if you follow your plan strictly without deviation & keep emotions out . Probably 2mrw around 325's I will be exiting some of my positions.
10 months ago
Comment: As mentioned in my comment earlier, exited half of my positions around 325.. Great weekend ahead !
wardjm PRO
10 months ago
I don't like it. Only touches bottom in one place. A solid descending triangle should break lower rather than higher in most cases. This is a more general triangle and could go either way like you mentioned.
+1 Reply
InsiderB wardjm
10 months ago
Yes, I agree with you... these are the ones giving false breakouts at times.
Reply
wardjm PRO InsiderB
10 months ago
My gut says consolidation pattern just from the chart structure. The steep jumps should meet some resistance like this before moving on. I'm thinking up, but like you mention, I wouldn't trade it until confirmation.
+1 Reply
InsiderB wardjm
10 months ago
You're right.. at these zones bulls n bears fight to decide who is winner, so waiting for confirmation is the best decision now !
Reply
wardjm PRO
10 months ago
Breakout happened. I'd wait at least another % or 2 to confirm it isn't false, especially since it's on low volume.
+1 Reply
InsiderB wardjm
10 months ago
Yes, its still consolidating...
Reply
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