In my earlier posts I have mentioned how do symmetrical pattern work. This time again I am presenting you with one more such opportunity. Till then for our new readers of our blog here is what symmetrical pattern is.
Symmetrical pattern is a continuation pattern. In an upward trend it forms two lower highs and two higher lows. In this pattern it will display two highs touching the upper (descending) trendline and two lows touching the lower (ascending) trendline.
Read here how this pattern has given profit of Rs. 40000 in 10 days
Two weeks ago we recommended Sell on Hero moto corp. The catch here was the selling price of Heromotocorp was approx 100 points up from the CMP on 19th Nov.
The next week on 26th November Heromotocorp reached the level where we were waiting for the price to touch and we can sell it with just 30-40 rupees risk.
on 26th Nov the stock skyrocketed and touched 3104. the move on the day was so big that no one would have dared to sell the stock. But the event played out and on next day we got our target of 2950.
Remember below points before identifying such pattern :
*For identifying such move you need earlier established trend whether bullish or bearish *4 points to connect one ascending line and one descending line *Breakout in the direction of original trend *Volume support
This week I am presenting you with Strides Pharma.
On 30th the strides withnessed up move with confirmation of change in trend when we saw positive EMA crossover. The uptrend resumed.
The stock saw some resistance at 517 and then fallen back to 390.
Again on 9th november the stock started moving with the uptrend.
if we connect 340 & 390 we get ascending trendline 1 & if we connect 517 & 480 we get descending trendline 2
Now we could see a big breakout happened on 30th December with supporting volumes and the stock is ready to zoom.
One can enter in the stock in the range of 480-460 and keep a stop loss of 433 i.e. 1% below the reaction low of 438; with a price target of approx 580-595 i.e. 161.80% retracement of the move from 517 to 390 hope you like this.
thank you for keeping on sharing.
Billion dollar question to ask yourself
What do you need to do to find such wonderful money making opportunities ?
Trading Mantra:
"You have to decide whether you want excitement or you want to make money" _Mark Cook