Alankit Ltd - Potential breakout underway- Buy setup
Alankit Ltd seems to be consolidating close to its all time high levels.
Pattern formation is similar to Inverted Cup n handle with neckline around 38-39 level as visible on the weekly charts.
A potential breakout seems to be underway to the upside if it closes above today's high of 39.40 with higher volumes.
Trade strategy :
Buy above 39.40
1st Target @ 48
2nd Target @ 58
Stop loss - below recent low of 30
Risk/reward ratio : 2.06
Disclosure : The view expressed above is my own analysis on the stock. You are responsible for your own investment / trading decisions.
Pattern formation is similar to Inverted Cup n handle with neckline around 38-39 level as visible on the weekly charts.
A potential breakout seems to be underway to the upside if it closes above today's high of 39.40 with higher volumes.
Trade strategy :
Buy above 39.40
1st Target @ 48
2nd Target @ 58
Stop loss - below recent low of 30
Risk/reward ratio : 2.06
Disclosure : The view expressed above is my own analysis on the stock. You are responsible for your own investment / trading decisions.
Trade active
Note
Nice Breakout - locked in 10 % upper circuit todayNote
1st target of 48 achieved. Locked in 10 % upper circuit again.Trade closed: target reached
2nd target achieved - Made high of 59.30 . Cheers !!!
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