Cup and Handle Breakout and TargetsHello there. Here is the Cup and Handle breakout of Grasim. Resistance line has been broken and closed above by the price and rejected from 61.8% Fib level based on fib extension tool.
You can see there is a trend line acting as a resistance before formation of Cup and Handle pattern. Fib level are drawn here and one can enter the trade as soon as the price breaks through and closes above 61.8% level and target will be of 100% level and above or the previous trend line acting as resistance.
Note: This is for educational purpose only. Trade on your own conviction or consult your advisor.
GRASIM
Chart of the week: GRASIMGRASIM has been rising slowly on its pace with out much difficulty. It seems Smart Money has been active in this stock for a long time and it was being accumulated for a long time for a much much higher targets. The way GRASIM has been rising, it may become a multibagger stock in coming months and years.
Buy GRASIM at current prices with SL 1200 for positional and for targets 3000++ and 5000++ in next 1-2 years.
For ecucational purpose only. All disclaimers apply.
Grasim Short Term ReversalThe stock has reached the lower trend line and might take support and undergo a reversal rally. Trade is supported by brokerage calls and Supports Nearby.
Risk Reward Ratio - 2:1
SL is placed below support zone & the lower trendline. The target is placed near previous swing high.
GRASIM INDUSTRIES | Ascending Traingle Breakout | ATHGrasim industries is following trend line and i approaching the previously tested all time high of 1243. If the high breaks out with high volume, one can easily attain a 1:3 reward trade. Higher highs are sign of strength. Both weekly and daily MACD indicator are building up momentum.
Wait for the breakout to enter
Sharing this for educational purpose only.
GRASIMAfter reversing from a Bullish AB=CD it formed a Cup and Handle pattern which is indicating continuation of rally towards 1550/1625 & 1700 which also happens to be a trendline monthly resistance as long as it sustains above 1420. Breakout gets stronger on hourly close above 1490 else one can use dips if any till 1450-1435 for an entry.
Cup & Handle Patterns are bullish continuation patterns found in uptrends (Source: Investopedia)
A cup and handle price pattern on a security's price chart is a technical indicator that resembles a cup with a handle, where the cup is in the shape of a "u" and the handle has a slight downward drift. The cup and handle is considered a bullish signal, with the right-hand side of the pattern typically experiencing lower trading volume. The pattern's formation may be as short as seven weeks or as long as 65 weeks.
GRASIM - Swing/Short Term investment The above analysis is based purely on price action & chart patterns.
The analysis is done in live market and is for study purpose only.
Trade setup along with Entry range + SL & Targets are given in image itself.
Traders must do their own study before entering into any trade. They must trade with their own money & risk management.
Feel Free to comment for any suggestion or query regarding price action analysis.