Vardhman Textiles: On the Verge of a Major Breakout! Vardhman Textiles: On the Verge of a Major Breakout!
Current Market Price: ₹554
Stop Loss: ₹420
Targets: ₹902 | ₹942
Key Highlights:
3-Year Rounding Bottom Formation: Vardhman Textiles is nearing a significant breakout level of ₹576, completing a large 3-year rounding bottom pattern.
Breakout Depth Target: Depth of the rounding bottom is ₹332. Adding this to the breakout point (₹576) gives a target of ₹902.
Fibonacci Extension Target: Aligns at ₹942, strengthening the potential for extended upside.
Key Levels: Sustained movement above ₹576 will confirm the breakout and signal a major upward move.
Strategy:
Preemptive Entry: Start building positions gradually to capture early gains.
Wait for Confirmation: Larger positions should be added after a decisive breakout above ₹576.
Risk Management: Maintain a strict stop loss at ₹420 to protect against downside risk.
📈 Outlook: Vardhman Textiles is showing robust potential for a breakout, with long-term chart patterns and Fibonacci levels aligning to support the bullish view. If confirmed, this move could result in a substantial rally toward ₹900+ levels.
📉 Disclaimer: As a non-SEBI registered analyst, I recommend conducting thorough research or seeking advice from financial professionals before making investment decisions.
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