CodeViser
Short

reliance infrastructure - Where is the bottom?

NSE:RELINFRA   RELIANCE INFRASTRU
Hello everyone

In long term I can see that reliance infrastructure bottom is stil not come. Consider to watch the chart, It make a descending triangle pattern.

What is descending triangle pattern?

Answer :
Descending triangle is a bearish continuation pattern. The pattern is usually observed in a downtrend. There are few instances the pattern is seen during an uptrend acting as a reversal pattern but is considered as a bearish pattern regardless of where it occurs. The descending triangle is also known as right angle triangle because of it shape. The horizontal line acts as a zone of support. It is as if there is heavy buying interest at this level preventing the stock from falling further. It is the lower highs along the declining trend line that signals greater selling pressure and gives the pattern its bearish feature.
The technical target is arrived at by computing the vertical height of the pattern and adding this height to the breakout point. It can also be computed by drawing a line parallel to the base of the triangle through the trough of the first correction.
What is the downside target for this? Couldnt understand from the chart.
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CodeViser chandru81
@chandru81, I am using 1-month time frame and explaining the longer trend of Reliance Infra
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Downside target within Jan2019?
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