Small Ascending triangle visible. Last 7 bars have formed a congestion zone.
This is the first pause after the stock recovered 48% from recent lows. Sideways move is for 2 months.
Ascending triangle being a trend continuation pattern, chances of breakout are high. Another confirmation is stock is holding 20 SMA ( 1198 ) SL around 1165-1175 zone 5% form CMP
This can be setup can be used by intra-day traders as the stocks move good move within the day within short time. With same resistance shift to small Time frame ( 15 min idea ) Stocks tend to move 2-4 % while making new swing high swing low, these are idea for Intra-day
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Book 1/3 take SL for rest to 1210
Those who are willing to hold for longer time SL 1200