tradeandtequila

#BBTC looks good for 50-60% medium term returns!

Long
NSE:BBTC   BOMBAY BURMAH
NSE:BBTC
Structure looks quite appealing.


- Up move has rising volume with the corrective arm having below average volume per say. It looks more like a Bullish Wedge pattern in making.
- The potential support region is placed around 1160-1171 with multiple confluences converging i.e. 200 EMA along with 38.2% Fibonacci level.
- The recent up move blast has rested enough to continue the next leg it seems. We may target the All time high which is an important supply
area as well for good 50-60% return in the medium term.


** Price action around the support can be watched or wait for the upper trendline to break in order to enter with proper risk management and SL below the swing low.


Disclaimer: This is just for educational purpose. Investment/Trading carries its own risk of permanent capital erosion and mental drawdown as well. Do consult your financial advisor before getting into any positions.

P.S - Likes will be appreciated as well as your insights in the comment section as well. Thank you.

Trade active: Trade initiated today with a small SL on closing basis below support area!
Comment: Added more upon seeing shift in price volume range. Looking good for the near term.
Trade active: UP 20% from the initial long area. Added a few more shares today. Still a long way to go!

Comments

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