Key Levels:
Entry Point: The breakout from the handle, around the ₹1,198.45 level, suggests a potential entry point.
Target Price: The measured move from the bottom of the cup to the resistance level (height of the cup) is projected upwards, targeting around ₹1,386.50, which is approximately 17-19% above the entry point.
Stop Loss: Positioned near ₹1,150.25, which is slightly below the recent swing low to manage risk.
My View:
Bullish Bias: The successful breakout from the handle suggests a continuation of the uptrend, making it a bullish signal.
Risk Management: The stop loss level is appropriately set to limit potential downside risk.
Volume Confirmation: A notable increase in trading volume would provide additional confirmation for the strength of the breakout.
Entry Point: The breakout from the handle, around the ₹1,198.45 level, suggests a potential entry point.
Target Price: The measured move from the bottom of the cup to the resistance level (height of the cup) is projected upwards, targeting around ₹1,386.50, which is approximately 17-19% above the entry point.
Stop Loss: Positioned near ₹1,150.25, which is slightly below the recent swing low to manage risk.
My View:
Bullish Bias: The successful breakout from the handle suggests a continuation of the uptrend, making it a bullish signal.
Risk Management: The stop loss level is appropriately set to limit potential downside risk.
Volume Confirmation: A notable increase in trading volume would provide additional confirmation for the strength of the breakout.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.