Trade Setup:
Daily: broke out of triangle pattern, with huge volumes (after a long consolidation). Bullish Marubozu candle sustained. Trading above 50EMA and 200 EMA. Crossed major resistance (approx. 17000 INR) after a long time.
Weekly: crossed and sustained 200 EMA after a long time (since 2017). forming HH and HL. Inverse head and shoulder pattern as well.
Monthly: Crossed 50 EMA, which was a strong resistance since Jan21.
Entry = wait for retracement between 16300 and 16100 INR levels.
SL = 1% below the low of weekly candle ie; approx. 15300 INR levels
Target = 20000 INR
RR = highly favorable = approx. 4.5
Daily: broke out of triangle pattern, with huge volumes (after a long consolidation). Bullish Marubozu candle sustained. Trading above 50EMA and 200 EMA. Crossed major resistance (approx. 17000 INR) after a long time.
Weekly: crossed and sustained 200 EMA after a long time (since 2017). forming HH and HL. Inverse head and shoulder pattern as well.
Monthly: Crossed 50 EMA, which was a strong resistance since Jan21.
Entry = wait for retracement between 16300 and 16100 INR levels.
SL = 1% below the low of weekly candle ie; approx. 15300 INR levels
Target = 20000 INR
RR = highly favorable = approx. 4.5
Trade active:
stock available at buy levels.
Trade closed: stop reached:
SL hit