Olectra Greentech Ltd Symmetrical Triangle Pattern
Buy Above 1345-1350
Stoploss 1150-1160
Target Near 1800-1900
Holding Time if Stock Give Breakout : 1-3 Month
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OLECTRA GREENTECH trading abv weekly resistance zone 52 weeks high and all time high with gud volume with inverted hammer candle closing abv this inverted hammer candle can lead this to a another all time high as per its price action mostly starts to perform from jan month from last 2 years can play for swing trade with your prefered RR.
Olectra has finally given a good up move with volume after decent correction and consolidation.
The chart suggests this could be a double bottom breakout as well and today's strong closing could add to that point.
It has taken out an important resistance of 1280 with RSI comfortably above 60. I expect it to touch levels near its last ATH, which is 1465, however...
olectra formed a double top on daily time frame which can lead to total bottom upto 1012.
best point to enter is 1050 ranges for long term can push price to 1500 if RSI convergence occurs as i anticipated.
Entry CMP
Stop 7 %
Breakout trading implementation:
1. **Identifying New Trends:** Breakout trading helps traders identify the beginning of new trends by focusing on price levels where an asset breaks out of its historical trading range.
2. **Volatility Indicator:** Breakouts often occur when there's increased volatility in the market. Monitoring breakouts can...
Breakout of cup and handle pattern has been done on OLECTRA GREENTECH and I'm waiting for more confirmations as it seems a weak breakout as of now.
Without confirmations don't just directly jump into the trade.
Target - 1428
285% rally in 141 days is good enough rally to attract retail traders.
Stay away and thank me later.
As per ABC corrective pattern, Olectra already achieved its target.
I am not expecting any upside in short term.
50% correction coming which can push the price lower towards 700 odd levels
Once peaked at PE of 370, now available at a PE of 172.
Even the forward...
