HEXIND - Need continuous bullish momentum P wave, entry on P wave B/O
Price to stay above Kumo, indicating a potential bullish momentum.
Kijun-Sen is flat, and the Tenkan-Sen is sloping upward, which shows that the momentum might be shifting, but the breakout is crucial for a confirmed signal.
The Chikou-Span is just crossing the price, which might support a bullish breakout.
The price is forming a contracting triangle with point D at the resistance line (0.445), and the next crucial area is at point E (0.430).
The breakout above the triangle pattern’s upper trendline would suggest a bullish continuation.
Enter on the breakout at 0.445. Wait for confirmation with a daily close above this level to avoid false breakouts.
With an entry near 0.445, stop-loss at 0.385, and TP1 at 0.490, the risk-to-reward ratio is approximately 0.6:1 (for TP1). For TP2 and Max TP, the risk-reward improves significantly.
This setup offers a strong risk-to-reward ratio, but it's crucial to watch for a clean breakout above the triangle pattern for confirmation.
Note:
1. Analysis for education purposes only.
2. Trade at your own risk.
