MCX
Updated
Trade setup:
Weekly: Multi-year breakout (with cup & handle pattern), consolidation and breakout again (with bullish Marubozu candlestick & huge volumes). Crossed resistance @1880 INR approx. and sustained. One can also consider flag and pole breakout pattern. Trading above 50EMA and 200EMA (sloping upwards).
Entry = CMP ie; 1922 INR (any dip until 1780 INR is a buying opportunity).
SL = low of monthly candle ie; 1600 INR
Target = 2330 INR (T1) and 2510 INR (fib level)
RR = 1.0 for T1 and 1.8 for T2
Weekly: Multi-year breakout (with cup & handle pattern), consolidation and breakout again (with bullish Marubozu candlestick & huge volumes). Crossed resistance @1880 INR approx. and sustained. One can also consider flag and pole breakout pattern. Trading above 50EMA and 200EMA (sloping upwards).
Entry = CMP ie; 1922 INR (any dip until 1780 INR is a buying opportunity).
SL = low of monthly candle ie; 1600 INR
Target = 2330 INR (T1) and 2510 INR (fib level)
RR = 1.0 for T1 and 1.8 for T2
Trade closed: stop reached
SL hit
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