KESORAMIND broke out of channel pattern on daily chart. There has been tight consolidation for almost three months. Trading in the range of 10-15%. Also during runup to the channel, there were huge buying as shown in volume. While consolidating you could notice volume has dried up. Signifies sellers are not willing to let the price go down. Though there was not a good volume during breakout. This could be a profitable trade given the length of the runup to the formation of channel pattern. Stoploss can be had just below the breakout candle with target at least half the size of runup. It would be good if we trail the stop loss with 10EMA or 2ATR with multiple targets based on resistance that prevails during runup.
Hope you liked this analysis. Please boost this idea if you like it or leave a comment below on your thoughts. I would be glad to hear your view on this chart. Otherwise happy trading :-).
Hope you liked this analysis. Please boost this idea if you like it or leave a comment below on your thoughts. I would be glad to hear your view on this chart. Otherwise happy trading :-).
"It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." — George Soros