Cup and handle formation. entry only after breakout of resistance line. Volumes picking up day by day.
Once done, trade can be targeted for 1.618 fib levels ie; 5148 INR
SL could be placed below 50EMA
Once done, trade can be targeted for 1.618 fib levels ie; 5148 INR
SL could be placed below 50EMA
Comment:
21Jun21: Broke the resistance line of 4457 INR (with volumes on daily basis). Let's see if this move sustains on weekly closing basis.
Comment:
21June21:
quick note - the structure of chart has changed from "cup and handle" to breakout of "ascending triangle".
quick note - the structure of chart has changed from "cup and handle" to breakout of "ascending triangle".
Trade closed: stop reached:
SL hit. Trade closed.
But, watch-out for support at trendline (drawing at bottom of cup and handle formation marked), and then the trend could resume if broader market supports.