CAMS [strong multi-year breakout]
The chart indicates a strong multi-year breakout with confirmation from the volume spike. Utilizing the pitchfan tool, the key levels and targets for swing trading have been identified. Always ensure proper risk management and keep an eye on volume trends to adjust your strategy accordingly.
Breakout Confirmation:
The price has broken above a significant resistance level as indicated by the upper blue pitchfan line.
The volume spike (as shown by the green arrow) confirms the breakout with strong buying interest.
2) Pitchfan Lines:
Pitchfan lines provide potential support and resistance levels. The price has successfully broken through multiple resistance lines, indicating strong upward momentum.
These lines can be used to identify future support levels in case of a pullback.
3)Support Levels:
The previous resistance levels, now turned support, will be crucial in case of a pullback. These are typically around ₹4000 and ₹3000 (orange and blue pitchfan lines respectively).
4) Targets:
5)Stop Loss:
Place a stop loss just below the nearest support level to manage risk. For example, just below ₹4000 or the nearest pitchfan support line.
6) Volume Consideration:
Continue monitoring volume to ensure the breakout is supported by strong buying interest. A decline in volume might indicate a potential reversal or consolidation.
7) Risk Management
Position Sizing: Use appropriate position sizing to manage risk, considering the distance to your stop loss level.
Trailing Stop: Consider using a trailing stop as the price approaches the 1st TRG and 2nd TRG to lock in profits while allowing for further upside potential.
for MORE check in my Tv-id " in.tradingview.com/u/asAMOLSUTAR/ "
If You LIKE👌👌 MY Idea ......Boost.🔥🔥🔥.. its.
"Disclosure : I am not Sebi-registered." This channel is for only educational purpose. Any profit/loss, I am not responsible.
Before taking any trade on our charts / calls, please consult your financial advisors. Thanks
Breakout Confirmation:
The price has broken above a significant resistance level as indicated by the upper blue pitchfan line.
The volume spike (as shown by the green arrow) confirms the breakout with strong buying interest.
2) Pitchfan Lines:
Pitchfan lines provide potential support and resistance levels. The price has successfully broken through multiple resistance lines, indicating strong upward momentum.
These lines can be used to identify future support levels in case of a pullback.
3)Support Levels:
The previous resistance levels, now turned support, will be crucial in case of a pullback. These are typically around ₹4000 and ₹3000 (orange and blue pitchfan lines respectively).
4) Targets:
Short-term Target: Aim for ₹5500
Medium-term Target: Aim for ₹6500.
5)Stop Loss:
Place a stop loss just below the nearest support level to manage risk. For example, just below ₹4000 or the nearest pitchfan support line.
6) Volume Consideration:
Continue monitoring volume to ensure the breakout is supported by strong buying interest. A decline in volume might indicate a potential reversal or consolidation.
7) Risk Management
Position Sizing: Use appropriate position sizing to manage risk, considering the distance to your stop loss level.
Trailing Stop: Consider using a trailing stop as the price approaches the 1st TRG and 2nd TRG to lock in profits while allowing for further upside potential.
for MORE check in my Tv-id " in.tradingview.com/u/asAMOLSUTAR/ "
If You LIKE👌👌 MY Idea ......Boost.🔥🔥🔥.. its.
"Disclosure : I am not Sebi-registered." This channel is for only educational purpose. Any profit/loss, I am not responsible.
Before taking any trade on our charts / calls, please consult your financial advisors. Thanks
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