Recognise has detected a "Top Triangle" chart pattern formed on Bharti Airtel Ltd .NSE.This bearish signal indicated that the stock price may fall from the close of 356.1 to the range 317.00-326.00.
The pattern formed ovr 21days which is roughly the period of time in which the target price range may be achived. according to standard principals of technical analysis.
The price seems to have reached a top showing signs of reversal as it has broken downward after a period of uncertainly or consolidation.A Top Triangle shows two converging trendilines as prices reach lower highs and higher lows. Volume diminishes as the price swing back and forth between an increasing narrow range reflecting uncertainly in the market direction.Then well before the triangle reaches its apex, the price breaks down below the lower trend line with a noticeable increase in volume,confirming this bearish pattern as a reversal of the prior uptrend.
This bearish pattern can be seen on the follwing chart.
The pattern formed ovr 21days which is roughly the period of time in which the target price range may be achived. according to standard principals of technical analysis.
The price seems to have reached a top showing signs of reversal as it has broken downward after a period of uncertainly or consolidation.A Top Triangle shows two converging trendilines as prices reach lower highs and higher lows. Volume diminishes as the price swing back and forth between an increasing narrow range reflecting uncertainly in the market direction.Then well before the triangle reaches its apex, the price breaks down below the lower trend line with a noticeable increase in volume,confirming this bearish pattern as a reversal of the prior uptrend.
This bearish pattern can be seen on the follwing chart.
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