The above analysis is done purely on basis of Price Action & Chart Patterns.
The analysis is done on daily TF hence price may take few days to few weeks in order to reach the targets
As can be seen in the image, price was facing resistance from 94-100 zone. It gave breakout from that range with huge volume. Thereafter the price started consolidating in a narrow range which is getting narrower everyday, with bullish bias.
Now the price has given clear breakout from Bull Pennant Pattern with good volume confirmation.
Entry can be made above the high of breakout candle. SL and Targets are shown in image itself.
The above analysis is purely for educational purpose. Traders must do their own study before entering into any trade. Traders must trade as per their own risk taking capacity and money management.
Feel Free to comment for any queries regarding the above stock or price action analysis in general.
Also check out my other ideas to understand how price action works and how it can be used to make regular profits without any complex strategies.
The analysis is done on daily TF hence price may take few days to few weeks in order to reach the targets
As can be seen in the image, price was facing resistance from 94-100 zone. It gave breakout from that range with huge volume. Thereafter the price started consolidating in a narrow range which is getting narrower everyday, with bullish bias.
Now the price has given clear breakout from Bull Pennant Pattern with good volume confirmation.
Entry can be made above the high of breakout candle. SL and Targets are shown in image itself.
The above analysis is purely for educational purpose. Traders must do their own study before entering into any trade. Traders must trade as per their own risk taking capacity and money management.
Feel Free to comment for any queries regarding the above stock or price action analysis in general.
Also check out my other ideas to understand how price action works and how it can be used to make regular profits without any complex strategies.
Trade closed: target reached:
all target achieved in huge rally