ATH Breakout supported by Good Volume.
Rectangle pattern visible.
Good for Short Term.
Disclaimer : This is not a Buy or Sell recommendation. I am not SEBI Registered. Please consult your financial advisor before making any investments . This is for Educational purpose only.
On daily chart, with a good volume, a breakout is being seen. Due to the reason that the monthly RSI is in overbought zone, I have reduced the target, otherwise as per basic rules, target is above 600. You can enter on this candle and wait but wait for the weekly candle to close above the consolidating range. The target is expected to reach till the green box...
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.
Price was in uptrend and then at ATH it was in consolidation from last 4-5 months and broke today with good volume support.
Nearby Support is now 478 which was acting as...
NSE:KIRLOSBROS has closed above strong resistance of 320. My idea is to take entry at 320 with stop loss of 300 (-20 Points risk).
My expected up side target will be 362 (+42 points).
Note: This is my personal analysis, only for learning. Thanks.
*KIRLOSKAR FERROUS IND LTD*
Time Frame : Daily
Observation:
* Cup and Handle Pattern Formation
* Swing High Brake
Resistance/Target: 300 322 345 358
Support : 248 236 200
