The price has bottomed out and reversed from Multiyear Support at around 130-135 INR.
Broke the previous High on the Daily timeframe and then proceeded to break the Channel pattern on the upside.
Breakout created a new high (175 INR, which is also 200EMA level [Green line] on the weekly timeframe) & Retraced (Failed breakout).
Retraced and consolidated and then gave a breakout again.
Entry Price: 160-165 INR
SL Price: 145- 150 INR
Confirmation of Breakout: after breaking of 175 level, which is 200 EMA resistance (Green line)
Target1: 181-184 (If no consolidation at targets, then next 1-2 months)
Target2; 191-194 (If no consolidation at targets, then next 3-6 months)
Target3: 210-215 (If no consolidation at targets, then next 9 months-1 years)
Broke the previous High on the Daily timeframe and then proceeded to break the Channel pattern on the upside.
Breakout created a new high (175 INR, which is also 200EMA level [Green line] on the weekly timeframe) & Retraced (Failed breakout).
Retraced and consolidated and then gave a breakout again.
Entry Price: 160-165 INR
SL Price: 145- 150 INR
Confirmation of Breakout: after breaking of 175 level, which is 200 EMA resistance (Green line)
Target1: 181-184 (If no consolidation at targets, then next 1-2 months)
Target2; 191-194 (If no consolidation at targets, then next 3-6 months)
Target3: 210-215 (If no consolidation at targets, then next 9 months-1 years)
Note
Price closed and then opened above the 175 level, which is 200D MA on a weekly timeframe. Stoploss has been raised to 168 INR.
Daily candles show large volume moves. Wait till Target 1 is achieved.
Note
Target 1 was achieved, and a reasonable possibility of Target 2 is present.Profitable quarter, the crossover of 50 MA over 200 MA (Golden Cross) and a good volume breakout today.
Note
Target 2 was achieved as well, and a reasonable possibility of Target 3 is still present.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.