sudhansrini

Philips Carbon : Range breakout or Channel confinement ??

NSE:PHILIPCARB   PHILLIPS CARBON BL INR10
Philips has given a breakout from a range of close to 200 with decent volumes. So should you buy the breakout ?
I would wait for it to break out of the upward sloping channel. If one looks at the last breakout, it did enter a long consolidation as it failed to break that channel. In stock market there is a saying, "History repeats itself". Will Philips carbon defy that this time ?
Target?
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Pls see the next post for my targets and entry
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I think I would wait for the retest of this break out. What is your opinion?
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sudhansrini sanjaygomber
Agreed. I would infact be slightly aggressive to buy close to the breakout levels of 195 with a strict SL of 195 and targets of 210. 235 and 250. The las two are based on fibo retracements.
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sudhansrini sudhansrini
Sry SL of 190
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History repeats...confined to the channel again
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