With the stock breaking out of the cup and handle pattern, it may reach the Fibonacci retracement 0.618 level. However, it may encounter resistance near the Fibonacci retracement 0.5 level and the ascending trendline.
As the stock price continues to rise, it's best to regularly update the stop-loss to higher low levels on a shorter time frame chart, such as a 4-hour or daily chart .
Disclaimer: This chart and analysis are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations. Do your own due diligence before trading or investing in this stock.
As the stock price continues to rise, it's best to regularly update the stop-loss to higher low levels on a shorter time frame chart, such as a 4-hour or daily chart .
Disclaimer: This chart and analysis are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations. Do your own due diligence before trading or investing in this stock.
Trade closed manually:
The stock seems to be finding resistance from sellers liquidating near the ascending trendline.
it is best to have a proper stop-loss and observe the price movement around ascending trendline resistance. If broken, price should continue towards Fibonacci retracement 0.618 at Rs. 61.50