Symbol:** CUMMINSIND
Timeframe: Daily
Potential Scenario: Bullish Breakout
Observation:
The chart shows Cummins India Ltd. (NSE) has been consolidating within a rectangular range (highlighted in purple) for several months. Recently, the price has shown strong upward momentum, breaking above the upper trendline of this consolidation box.
Rationale:
Risk Management:
Disclaimer: This is just a trading idea based on the provided chart and should not be considered financial advice.
Timeframe: Daily
Potential Scenario: Bullish Breakout
Observation:
The chart shows Cummins India Ltd. (NSE) has been consolidating within a rectangular range (highlighted in purple) for several months. Recently, the price has shown strong upward momentum, breaking above the upper trendline of this consolidation box.
Rationale:
- Consolidation Breakout: Breakouts from established consolidation patterns can signal the resumption of a prior trend or the start of a new one.
- Increased Volume:The breakout would be accompanied by increased trading volume, lending more conviction to the move.
- Target Calculation: The annotation suggests a potential target of ₹3735.70 (calculated as the range of the consolidation box added to the breakout point). However, the annotation also mentions a previous strong resistance level at ₹3665, which could act as an intermediate target.
Risk Management:
- Only risk a small percentage of your capital on this trade.
- Be mindful of overall market conditions and sector-specific news.
- Adjust your stop-loss as the trade progresses to lock in profits.
Disclaimer: This is just a trading idea based on the provided chart and should not be considered financial advice.
Trade active
Breakout candle is formed, followed by small small candles. 
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.
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.