Castrol India - 5yr Down Trendline Breakout / 1.5yr Channel BO
Suggested by @monkmaxims
The stock had been in a down trend since forever (7yrs on monthly chart). Since 2020 crash, the stock was in low volume accumulation
in a parallel channel. Suddenly, the accumulation volumes began to shoot up in November while the price continued to trade in the channel.
Finally, this week it has broken out and how!
Highest weekly volume seen since last year, in the breakout week. The weekly closing candle looks like a decisive candle.
Good fundamentals, likely to do well in the coming weeks/months.
SL: Depending on your risk appetite: Below Weekly BO Candle / Below Daily BO Candle / 50% of Weekly BO candle / Below 20DMA
Short term TGT: After a 10-15%+ vertical move, breakdown of 20MA on Hourly chart (on a daily close basis)
BUY GUIDANCE:
Never ever buy before 3PM. I have been burnt many many times.Try to buy between 3:15 - 3:30PM, later the better.
SELL GUIDANCE:
Selling in Profit:
Sell earlier in the session when the prices are higher, around 11AM.
Selling at SL:
Give your stock a chance to recover by end of session. If it doesn't recover, sell anywhere between 3:00 - 3:30PM.
Note: I reserve the right to be wrong.
DISCLAIMER:
I am not a SEBI registered analyst. Please consult your financial advisor before investing.
The stock had been in a down trend since forever (7yrs on monthly chart). Since 2020 crash, the stock was in low volume accumulation
in a parallel channel. Suddenly, the accumulation volumes began to shoot up in November while the price continued to trade in the channel.
Finally, this week it has broken out and how!
Highest weekly volume seen since last year, in the breakout week. The weekly closing candle looks like a decisive candle.
Good fundamentals, likely to do well in the coming weeks/months.
SL: Depending on your risk appetite: Below Weekly BO Candle / Below Daily BO Candle / 50% of Weekly BO candle / Below 20DMA
Short term TGT: After a 10-15%+ vertical move, breakdown of 20MA on Hourly chart (on a daily close basis)
BUY GUIDANCE:
Never ever buy before 3PM. I have been burnt many many times.Try to buy between 3:15 - 3:30PM, later the better.
SELL GUIDANCE:
Selling in Profit:
Sell earlier in the session when the prices are higher, around 11AM.
Selling at SL:
Give your stock a chance to recover by end of session. If it doesn't recover, sell anywhere between 3:00 - 3:30PM.
Note: I reserve the right to be wrong.
DISCLAIMER:
I am not a SEBI registered analyst. Please consult your financial advisor before investing.