Awaiting Breakout or a failure??

105 2
Prices have been consolidating a while in a range and soon a breakout is expected on the upside. Right now its hovering around the range high. Will enter long position only after breakout confirmation and closing above 623 for a target of 640. If there is a breakout failure, it can be used to enter short at the range high for a target of 600. Will trade based on how price action reveals further.

For study purpose
Trade active: Entered @ 624
Comment: Target 1 done @ 630
Comment: target 2 done @ 635. Trailed SL to cost and took partial profits
Trade closed manually: Closed the rest for 634.
Comment: Great!! It had a nice breakout and made a high of 644, although i exited @ 634.
Hey will it be coming back to 600 level again or is it gonna stay on upside in July month?
I took a 600 PE thinking that as it's in overbought zone it will start coming down but seems it has broken on upside so want to know if it's gonna come down to 600 again.
nimbuz90 rupakkool

Right now the breakout is looking good, but soon buyers will be locking profits at 650-660 resistance zone. From there we could see some pullback. If 650-660 resistance resistance zone holds the prices, we may see some downside. Until then my bias is on the upside. Also Nifty movement accounts to a great extent. Just my view. Kindly consult your financial adviser before taking any position.

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