Description
⋅ There seems to be a strong breakout in CASTROL IND. This could potentially be an excellent swing trade.
Reasons are listed below :
- Multiple tests on 161 levels and finally the price broke these levels with high volumes.
- Marubozu candle (bullish sign) on weekly timeframe.
- Breakout after a strong consolidation of 5years.
- Stock price is above 50 and 200EMA i.e the trend is intact.
Target - 213 // 242 // 271
StopLoss - weekly closing below 145 levels Trade active
⋅ Stock retested the crucial levels and bounced back as we expected.
We are 4% up from our buying price.
Trade closed: target reached
⋅ we achieved our first target 17.5%
Comment
⋅ Price retraced and took support from 186 level.
We can hold this for further targets.
Comment
⋅ Achieved 27%++
Comment
⋅ Price is consolidating, if we get a weekly close above 215 then up move is possible