Cup & Handle Pattern
In the chart of Deepak Nitrite Ltd (DEEPAKNTR), we can observe a cup and handle pattern, a classic bullish continuation pattern. The price has successfully broken above the previous resistance level around ₹2,800, completing the cup formation. However, after a slight pullback forming the handle, the stock is retesting the breakout level.
Key observations:
The cup and handle pattern suggests a long-term bullish move, and the breakout could lead to significant upside potential.
The target based on the height of the cup points to a move up to approximately ₹4,000.
Traders may look for confirmation of the handle breakout, which would provide better risk-reward opportunities for either swing trading or positional investing.
Quote: "Patience is key as Deepak Nitrite forms a textbook cup and handle, signaling a potential breakout. The stock is testing the waters, but with confirmation, it could surge to new highs. Watch for the handle breakout!"
Key observations:
The cup and handle pattern suggests a long-term bullish move, and the breakout could lead to significant upside potential.
The target based on the height of the cup points to a move up to approximately ₹4,000.
Traders may look for confirmation of the handle breakout, which would provide better risk-reward opportunities for either swing trading or positional investing.
Quote: "Patience is key as Deepak Nitrite forms a textbook cup and handle, signaling a potential breakout. The stock is testing the waters, but with confirmation, it could surge to new highs. Watch for the handle breakout!"
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