Hi friends, mates and Trading community so here i am sharing a bullish breakout in the share price of steel authority of India on monthly timeframe and in trading we all know that the bigger the timeframe, the bigger the targets will be.
So yesterday was a monthly close day and the share price gives a bullish breakout above three years old horizontal resistance swing top and closed above too after many prior attempts too so this monthly candle close above resistance indicates that this momentum can continue in coming months too and we can see 252 to 265 levels in coming months probably in 2024. i request that do not mesmerize after hearing big targets here self study is mandatory because we all are here for sharing our ideas for learning purposes not for trading so this is how you can identify monthly breakouts too.
Retest entry- So this entry looks good for me as this is my favorite trading strategy and suits me as well because we can minimize our risk by this, So 150 to 135 zone will be a breakout retest zone can act as good support zone prior it was a resistance zone for this execution 125 to 120 levels could be a strong support levels.
This idea is meant for only educational purpose this not any kind of trading or investment advice.
Best Regards- Amit
Namaste.
So yesterday was a monthly close day and the share price gives a bullish breakout above three years old horizontal resistance swing top and closed above too after many prior attempts too so this monthly candle close above resistance indicates that this momentum can continue in coming months too and we can see 252 to 265 levels in coming months probably in 2024. i request that do not mesmerize after hearing big targets here self study is mandatory because we all are here for sharing our ideas for learning purposes not for trading so this is how you can identify monthly breakouts too.
Retest entry- So this entry looks good for me as this is my favorite trading strategy and suits me as well because we can minimize our risk by this, So 150 to 135 zone will be a breakout retest zone can act as good support zone prior it was a resistance zone for this execution 125 to 120 levels could be a strong support levels.
This idea is meant for only educational purpose this not any kind of trading or investment advice.
Best Regards- Amit
Namaste.
Comment:
Retest Update-: Sharing a retest view on daily chart as mentioned in idea description price retested it's resistance as support zone this time and given a good entry near retest levels.
Weekly chart