Company : Sun Pharmaceuticals Industries Ltd., a Pharma company.
Type of chart: Line Chart
Triangle pattern in the chart, shows movement towards consolidation over 5 months as per established norms of the pattern. Higher the volatility, longer the consolidation period. This is clearly depicted in the chart.
As the range of trend gradually tapered down losing its momentum, and also being symmetrical triangle, price is expected to breakout in any direction. Finally, it is seen that possibly by the intervention of strong hands like Institutional Investors, the price trend has broken away towards downwards with high intensity due to high volume. This bearish trend is a result of heavy selling weakening Demand.
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