Harrison Malayalam - small risk high reward
# Buyers visible around 61.8% retracement level with a fairly large wick on the 21st feb weekly candle.
# The following wwwek confirms the presence of buyers with an inverted hammer formation which is also an inside candle.
# 7th March candle is a fully body weekly candle with almost 9% upmove covering the sellers of the inverted hammer candle.
# A W pattern formation on daily chart is also visible.
# Friday buying on 2 months high volume of 91k with full body candle. (Friday Strength)
# Fundamental taildwind in the company in the form of global commodity inflation.
# Stock seems to be in multi year uptrend which is visible on weekly chart and validated by fundamental tailwind
# Entry above 147.5 with Stop loss @ 129. 1st target 200, 2nd target 250.
# The following wwwek confirms the presence of buyers with an inverted hammer formation which is also an inside candle.
# 7th March candle is a fully body weekly candle with almost 9% upmove covering the sellers of the inverted hammer candle.
# A W pattern formation on daily chart is also visible.
# Friday buying on 2 months high volume of 91k with full body candle. (Friday Strength)
# Fundamental taildwind in the company in the form of global commodity inflation.
# Stock seems to be in multi year uptrend which is visible on weekly chart and validated by fundamental tailwind
# Entry above 147.5 with Stop loss @ 129. 1st target 200, 2nd target 250.
Comment:
The trade triggered today @ 10:40 bar. Now the trade plan will take over. Since this is a loat float/liquid stock, the bulls try all deceptive measures to shake inventory from others. This trade can only be played on weekly/daily charts. The stop loss for this trade is 129. One can exit 1/4th quantity @ 180 and move the stop to 139 for the remaining quantity. This will make the trade risk free with potential for upside. @ 200 the plan is to exit half the quantity. After that wll need to check how stock behaves.