ELECTOCAST LONG CUP/HANDLE FORMATION
Long Position:
Entry: Current price level (around 217-218)
Target: 290 (Cup depth projection)
Stop-Loss: 210-215 (below recent support)
Pattern Overview:
Electrosteel Castings has formed a classic Cup & Handle pattern with a strong potential for a breakout above 220. The handle consolidation within a symmetrical triangle suggests a buildup before a move higher. Volume confirmation will be key.
MACD histogram reducing, adding another bullish signal.
Strategy:
Enter long now with a stop-loss at 210-215. If the breakout is confirmed with volume, look for a target of 290, based on the pattern's depth projection.
Risk/Reward Ratio: ~2.5:1
Key Levels to Watch:
Support: 210-215
Resistance: 220-225
Disclaimer:
*I am not SEBI registered and this idea could be wrong. I'm here to learn, so please share your thoughts in the comments. Don’t follow this blindly! :) *
Entry: Current price level (around 217-218)
Target: 290 (Cup depth projection)
Stop-Loss: 210-215 (below recent support)
Pattern Overview:
Electrosteel Castings has formed a classic Cup & Handle pattern with a strong potential for a breakout above 220. The handle consolidation within a symmetrical triangle suggests a buildup before a move higher. Volume confirmation will be key.
MACD histogram reducing, adding another bullish signal.
Strategy:
Enter long now with a stop-loss at 210-215. If the breakout is confirmed with volume, look for a target of 290, based on the pattern's depth projection.
Risk/Reward Ratio: ~2.5:1
Key Levels to Watch:
Support: 210-215
Resistance: 220-225
Disclaimer:
*I am not SEBI registered and this idea could be wrong. I'm here to learn, so please share your thoughts in the comments. Don’t follow this blindly! :) *
Disclaimer
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