BF Utilities Ltd. Weekly Analysis multiyear breakout
Here is a professionally articulated analysis of the chart:
BF Utilities Ltd. Weekly Analysis
Trend Analysis: The current trend is upward, indicating a strong bullish momentum.
Resistance Break: The price has successfully broken the 2015 resistance level, which was at 734.20.
RSI Support: The RSI (Relative Strength Index) shows a trendline that has strong support, suggesting sustained buying interest.
Cup and Handle Pattern: The price has formed a classic cup and handle pattern, which is a bullish continuation pattern.
Entry Point: The plan is to enter the trade near the price of ₹908.
Stop Loss: Set the stop loss at 20% below the entry price, aligning with the last swing low. This translates to a stop loss at ₹726.40.
Target: The initial pattern target is a 77% increase from the entry price, indicating a target price of ₹1,609.16.
Continuation Strategy: Continue to hold the position with a trailing stop loss based on the Supertrend indicator, until the stock reaches its all-time high.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice or a recommendation to buy or sell any security. Trading stocks involves risk, and you should conduct your own research and make your own decisions based on your individual financial situation.
Disclaimer
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