Reasons for going long:
1) Breakout from Cup and Handle pattern after consolidation.
2) Also a trendline breakout with good volume.
3) Trading above 20, 50 and 200 EMAs
Entry: Can wait for the resistance area to be breached with good volumes and can enter on retracement or with the momentum. Can enter between 1,332.00 to 1,335.00.
Stop Loss: Can place below the resistance area after above entry.
Target: First Target near 1,370.00 where there could be a small resistance. If not then can reach 1,400.00 which is almost near its all time high of 1,453.00
RR Ratio: 1.00 (Entry-1,333.50; SL - 1297.00; Target - 1,370.00)
1) Breakout from Cup and Handle pattern after consolidation.
2) Also a trendline breakout with good volume.
3) Trading above 20, 50 and 200 EMAs
Entry: Can wait for the resistance area to be breached with good volumes and can enter on retracement or with the momentum. Can enter between 1,332.00 to 1,335.00.
Stop Loss: Can place below the resistance area after above entry.
Target: First Target near 1,370.00 where there could be a small resistance. If not then can reach 1,400.00 which is almost near its all time high of 1,453.00
RR Ratio: 1.00 (Entry-1,333.50; SL - 1297.00; Target - 1,370.00)
Trade closed: target reached