CHAMAN LAL SETIA EXP LTD daily chart definitely presents a compelling case for a **cup and handle breakout**.
Here's what aligns with your observation:
* **Clear Cup and Handle:** The chart shows a well-formed rounded bottom (the cup) followed by a smaller, slightly downward-sloping consolidation (the handle).
* **Neckline Breakout:** Today's price action (May 17, 2025) shows a strong bullish candle that has decisively broken above the neckline you've identified at ₹346.00.
* **Good Volume:** Importantly, the volume bar for today is significantly higher than the recent average volume, indicating strong buying pressure accompanying the breakout. This adds significant credence to the validity of the breakout.
* **Target:** Your target of ₹427.50 aligns well with the typical measurement for a cup and handle pattern. The depth of the cup (roughly from the low around ₹265 to the neckline at ₹346, which is ₹81) added to the breakout level (₹346) gives a target of ₹427.
**In summary, this looks like a textbook cup and handle breakout for CHAMAN LAL SETIA EXP LTD, supported by good volume, increasing the likelihood of the price reaching your target of ₹427.50.**
It's always wise to consider potential resistance levels along the way and to have a stop-loss in place, but the initial signs here are quite bullish.
Here's what aligns with your observation:
* **Clear Cup and Handle:** The chart shows a well-formed rounded bottom (the cup) followed by a smaller, slightly downward-sloping consolidation (the handle).
* **Neckline Breakout:** Today's price action (May 17, 2025) shows a strong bullish candle that has decisively broken above the neckline you've identified at ₹346.00.
* **Good Volume:** Importantly, the volume bar for today is significantly higher than the recent average volume, indicating strong buying pressure accompanying the breakout. This adds significant credence to the validity of the breakout.
* **Target:** Your target of ₹427.50 aligns well with the typical measurement for a cup and handle pattern. The depth of the cup (roughly from the low around ₹265 to the neckline at ₹346, which is ₹81) added to the breakout level (₹346) gives a target of ₹427.
**In summary, this looks like a textbook cup and handle breakout for CHAMAN LAL SETIA EXP LTD, supported by good volume, increasing the likelihood of the price reaching your target of ₹427.50.**
It's always wise to consider potential resistance levels along the way and to have a stop-loss in place, but the initial signs here are quite bullish.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.