Bajaj Healthcare - Fresh Opportunity for Upside Move!
📈 Bajaj Healthcare - Fresh Opportunity for Upside Move! 🚀
🔍 Key Observations:
Stock is forming a CNH (Continuation Narrowing Pattern) on the daily timeframe.
Broke out of a 3-year-old trading range on 18th Dec 2023.
Consolidating in a narrow range since 19th Dec 2023.
Volume confirmation (3x-5x) and a strong candle needed for breakout confirmation.
Broader markets are still in a weak structure (LL-LH), so trade cautiously.
🎯 Trade Setup:
Entry: Above 717 (Breakout level).
Stop Loss (SL): Closing below 595 (17.01% risk).
Target 1 (Positional): 942 (31.38% reward).
📊 Risk-Reward (RR):
RR Ratio: 1:1.8
💡 Trading Strategy:
Initial Entry: Buy above 717 with a small test quantity (limit position size).
Add More: On breakout and retest (if it occurs).
Overall Position Size: Keep it low as we are trading against the broader market trend.
Wait for Confirmation: Broader markets need to show signs of reversal (closing above 50-200 DMAs) for scaling in further.
⚠️ Disclaimer:
This is not investment advice. Trade at your own risk.
The broader market is still in a weak structure (LL-LH), and the probability of failure is high.
Always use proper risk management and limit position size.
Past performance is not indicative of future results.
📌 Key Takeaways:
CNH pattern suggests a potential breakout.
Volume confirmation is critical for validity.
Trade cautiously in a weak market environment.
RR of 1:1.8 offers a favorable setup if the breakout sustains.
🚨 Final Note:
Personally, I will scale in only when the broader markets show signs of reversal (closing above 50-200 DMAs).
Until then, trade lightly and stay disciplined!
🔍 Key Observations:
Stock is forming a CNH (Continuation Narrowing Pattern) on the daily timeframe.
Broke out of a 3-year-old trading range on 18th Dec 2023.
Consolidating in a narrow range since 19th Dec 2023.
Volume confirmation (3x-5x) and a strong candle needed for breakout confirmation.
Broader markets are still in a weak structure (LL-LH), so trade cautiously.
🎯 Trade Setup:
Entry: Above 717 (Breakout level).
Stop Loss (SL): Closing below 595 (17.01% risk).
Target 1 (Positional): 942 (31.38% reward).
📊 Risk-Reward (RR):
RR Ratio: 1:1.8
💡 Trading Strategy:
Initial Entry: Buy above 717 with a small test quantity (limit position size).
Add More: On breakout and retest (if it occurs).
Overall Position Size: Keep it low as we are trading against the broader market trend.
Wait for Confirmation: Broader markets need to show signs of reversal (closing above 50-200 DMAs) for scaling in further.
⚠️ Disclaimer:
This is not investment advice. Trade at your own risk.
The broader market is still in a weak structure (LL-LH), and the probability of failure is high.
Always use proper risk management and limit position size.
Past performance is not indicative of future results.
📌 Key Takeaways:
CNH pattern suggests a potential breakout.
Volume confirmation is critical for validity.
Trade cautiously in a weak market environment.
RR of 1:1.8 offers a favorable setup if the breakout sustains.
🚨 Final Note:
Personally, I will scale in only when the broader markets show signs of reversal (closing above 50-200 DMAs).
Until then, trade lightly and stay disciplined!
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Disclaimer
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