This will be my personal trade Setup, This is not an advice of any kind to initiate trade according to this setup. This is for only for my learning purpose and maintaining my trading journal.
On daily Time Frame Karurvysya is making rounding bottom pattern and is about to complete if breaks resistance of 116 with above above average volume on daily TF will buy...
Sort of Cup and handle pattern breakout in KARURVYSYA. Both price and volume breakout are indicating a bullish movement in the upcoming days. Look out for a long position in this stock.
This study/Idea is not for trade, please consult your financial advisor before actual trade execution.
My Setup:
Buy - CMP (55.90)
SL - 49.6
Target - 10%+ from CMP
Timeframe - 3-4 months approximate
Let's see step by step analysis
First price action : Area arnd 58.75- 58.8 is a support where stock was able to form a base and today formed a good bullish candle with a vol spike
Fibonacci Cluster :
There are two Fibonacci retracements plotted. (1) By taking 53.55 as swing low & (2) By taking 42.1 as swing low. So 50% retracement of (1) is exactly coinciding...
