The stock broke out of a long term resistance near 610 on higher timeframe charts. Overall market correction may push the stock down to retest 610 zone again, which may now act as a support. This zone coincides with the rising channel trendline
. I also expect that by the time the stock retests that zone, the 55 EMA
will also be there (hand drawn on the chart) to provide extra cushion.
So at the 605/615 zone, we will have the confluence of potential horizontal support; channel trendline
support; and supposedly the 55 EMA
The stoploss for this trade would be 580 and the targets would be 647, 660, 680 and near 700 .
Hit like if this information can be useful.
Do you own research before trading with my ideas.