TORRENT POWER LTDShort
Technical Analysis Class-Rounding Bottom Chart Pattern Breakdown
Daily Chart Observations
Point no.1-Resistance–
1) Previous swing high resistance.
2) Trend line resistance.
Point no.2-Support-previous swing low support. Now the price has broken the support area.
Point no.3-Rounding Bottom Pattern– Bearish Pattern Point no.4- Double top Chart Pattern – Two tops at the resistance area. Point no.5-Breakdown– 1) Price breaks the double top pattern 2) Price breaks the rounding bottom Pattern Conclusion From the above chart, it is clearly seen that there is a structural breakdown and price is trading below the important pattern. So there is a high probability of a further down move Learn and Improve Technical Analysis Visit https://marketsolutions.in Disclaimer- This post is for educational purposes only, our view is, to teach technical analysis only. we are not recommended to use this analysis for the purpose of trading. once again this is an educational forum only.
Point no.1-Resistance–
1) Previous swing high resistance.
2) Trend line resistance.
Point no.2-Support-previous swing low support. Now the price has broken the support area.
Point no.3-Rounding Bottom Pattern– Bearish Pattern Point no.4- Double top Chart Pattern – Two tops at the resistance area. Point no.5-Breakdown– 1) Price breaks the double top pattern 2) Price breaks the rounding bottom Pattern Conclusion From the above chart, it is clearly seen that there is a structural breakdown and price is trading below the important pattern. So there is a high probability of a further down move Learn and Improve Technical Analysis Visit https://marketsolutions.in Disclaimer- This post is for educational purposes only, our view is, to teach technical analysis only. we are not recommended to use this analysis for the purpose of trading. once again this is an educational forum only.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.