Trade set-up_OFSS can give a breakout and rally 10% thereafter!
The stock has been attempting to move beyond the INR4200 mark since September 2023 but its every attempt in past was met with some strong supply around the 4200-4250 zone preventing it from moving beyond.
In this ongoing tussle between the buyers and sellers in the past three months the stock made at least 3 attempts to breakout above 4200 and the very same 3 attempts of the stocks are now clearly visible on the chart as an "Inverted Head &shoulders" pattern.
The neckline of the pattern stands at the same old supply zone of 4200-4250.
On decisive close above the 4200 mark and also upon breaking out from the inverted H&S pattern the stock can rally nearly 10% towards the INR 4600 region.
CMP - 4166
SL - 4078(2.4%)
TARGET - 4600(10%)
RR - 1:4
In this ongoing tussle between the buyers and sellers in the past three months the stock made at least 3 attempts to breakout above 4200 and the very same 3 attempts of the stocks are now clearly visible on the chart as an "Inverted Head &shoulders" pattern.
The neckline of the pattern stands at the same old supply zone of 4200-4250.
On decisive close above the 4200 mark and also upon breaking out from the inverted H&S pattern the stock can rally nearly 10% towards the INR 4600 region.
CMP - 4166
SL - 4078(2.4%)
TARGET - 4600(10%)
RR - 1:4
Comment:
breakout was successful..vol went up on breakout
Comment:
SL trailed to Entry price