SYMPHONY - Monthly Breakout - Positional/Short Term Investment
This analysis is purely based on Price action. The analysis is done on monthly chart hence it may take one month to several months to achieve the final target. Traders must keep this in mind while trading.
As can be seen from the chart, 815 level is a MULTI-YEAR support level for the price. After multiple rallies, price has come down to test the support level and reversed from that level.
Other resistances are also marked in the chart for better understanding the price action in this stock.
During the major fall in March, it came down and again took support at the same support level. After consolidating for 8 months, price finally gave breakout in December 2020. The breakout is supported by huge volume candle as well.
Price has give breakout from Multi-year resistance trendline as well. (as shown in image itself).
A Double breakout from major support level with increased volume has very high probability of sustaining above.
Symphony also has good fundamental. Hence, One can enter in the stock with short term investment view or for Positional trades (entry can be made on Weekly chart as well). SL can be placed below the breakout candle or for safe traders, it can be placed below the consolidation zone (shown in image).
Targets are shown in image itself.
*Trade at your own risk & money management/position sizing. Always do your own study before entering into any trade*
Feel free to comment for any query or suggestion.
Do check out my other ideas for more understanding of price action & various chart patterns.
As can be seen from the chart, 815 level is a MULTI-YEAR support level for the price. After multiple rallies, price has come down to test the support level and reversed from that level.
Other resistances are also marked in the chart for better understanding the price action in this stock.
During the major fall in March, it came down and again took support at the same support level. After consolidating for 8 months, price finally gave breakout in December 2020. The breakout is supported by huge volume candle as well.
Price has give breakout from Multi-year resistance trendline as well. (as shown in image itself).
A Double breakout from major support level with increased volume has very high probability of sustaining above.
Symphony also has good fundamental. Hence, One can enter in the stock with short term investment view or for Positional trades (entry can be made on Weekly chart as well). SL can be placed below the breakout candle or for safe traders, it can be placed below the consolidation zone (shown in image).
Targets are shown in image itself.
*Trade at your own risk & money management/position sizing. Always do your own study before entering into any trade*
Feel free to comment for any query or suggestion.
Do check out my other ideas for more understanding of price action & various chart patterns.