SHAILY: Rectangle Consolidation Breakout | Target 2,650
BUY Setup 🔩
Entry: ₹2,460-2,475 (Current Level)
Target 1: ₹2,527-2,540
Target 2: ₹2,581-2,600
Target 3: ₹2,650+ (Extended)
Stop Loss: ₹2,409
Technical Rationale:
Strong consolidation within rectangular range (2,409-2,527) for extended period
Breaking above mid-range with +1.31% gain today
Trading above both EMAs showing bullish trend strength
High volume (188.88K) indicating institutional interest
RSI around 65, healthy momentum with upside potential
Price respecting rising trendline support (black line)
Clear support established at 2,409 level
Multiple resistance levels mapped: 2,476, 2,527, 2,581
Engineering plastics sector showing resilience
Flat base consolidation - sign of strength before breakout
Risk-Reward: Strong 1:3.5+ ratio
Pattern: Flat base consolidation breakout - bullish continuation pattern indicating strength
Strategy: Medium-term swing - Book 30% at T1 (2,530), 30% at T2 (2,590), trail remaining with SL at 2,480 after T1
For educational purposes only. Not SEBI registered. Strong consolidation base suggests accumulation - manage position size appropriately. Conduct thorough research before investing.
Entry: ₹2,460-2,475 (Current Level)
Target 1: ₹2,527-2,540
Target 2: ₹2,581-2,600
Target 3: ₹2,650+ (Extended)
Stop Loss: ₹2,409
Technical Rationale:
Strong consolidation within rectangular range (2,409-2,527) for extended period
Breaking above mid-range with +1.31% gain today
Trading above both EMAs showing bullish trend strength
High volume (188.88K) indicating institutional interest
RSI around 65, healthy momentum with upside potential
Price respecting rising trendline support (black line)
Clear support established at 2,409 level
Multiple resistance levels mapped: 2,476, 2,527, 2,581
Engineering plastics sector showing resilience
Flat base consolidation - sign of strength before breakout
Risk-Reward: Strong 1:3.5+ ratio
Pattern: Flat base consolidation breakout - bullish continuation pattern indicating strength
Strategy: Medium-term swing - Book 30% at T1 (2,530), 30% at T2 (2,590), trail remaining with SL at 2,480 after T1
For educational purposes only. Not SEBI registered. Strong consolidation base suggests accumulation - manage position size appropriately. Conduct thorough research before investing.
Trade active
Target 1: ₹2,527-2,540 doneTrade closed: target reached
Target 2: ₹2,581-2,600 done
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.