The stock has formed a cup and handle pattern. As the pattern has not been broken yet, and the Relative Strength Index (RSI) is approaching the trendline resistance, it may be best to trade with a stop-loss order placed below the previous higher low of 14.60.
If the neckline resistance at 15.50 levels is breached, the stock may reach Fibonacci retracement level 0.65 at 18 levels or even higher, possibly towards 18.50 levels.
Disclaimer: This chart and analysis are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations. Do your own due diligence before trading or investing in this stock.
If the neckline resistance at 15.50 levels is breached, the stock may reach Fibonacci retracement level 0.65 at 18 levels or even higher, possibly towards 18.50 levels.
Disclaimer: This chart and analysis are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations. Do your own due diligence before trading or investing in this stock.
Trade active:
03-03-2023
The stock is retesting the neckline for support. Yet to see RSI breaking above trendline.
The stock is retesting the neckline for support. Yet to see RSI breaking above trendline.
Trade closed: target reached
The stock has broken above the cup and handle pattern with strong volumes indicating a bullish move towards Rs. 18 levels.