DEEPINDS: PC Breakout with High Volume
Updated
#WondersOfPC
Slope of PC-A1 = PC-A2
And PC-B1 = PC2
This shows DEEPINDS respects Parallel Channel very well
With the Breakout (BO) of PC-A1 at 195, price rallied to 277, where it created Highest & Start point of PC-A2
The downtrend from there, Candles remained respected the PC-A2 and price dropped till 177
Now check out this lowest point of 177 was the last support in PC-A1 from where the BO rally started!
And similarly in PC-A2 this support of 177 initiated the PC Breakout.
Check the Breakout Levels of PC-A1 & PC-A2, both are just same-At 195 !!
This Breakout has also taken rally to the levels of 277 with yesterday's closing.
Isn't this just wonderful, Just another magical thing of Parallel Channels!
Now what I feel, the overall market trend in Apr-22 had impacted the Breakout of PC-A1 and,
The bearish view pushed down the script to correction till the magical support of 177.
So the current Breakout possesses the double strength to rally further.
Also the volumes are just huge, that are strengthening the BO of 245.
For swing trade:
If opens above mid line of PC i.e. above 268, enter at same levels
If opens below the mid line, wait for the support of lower line of PC-B2
Target: 1st level-340,
then after some consolidation towards 390
SL:234
If view goes wrong, levels 220 are good support and great opportunity to enter with great RR ratio.
DEEPINDS is good pick for long term portfolio, one can add on every dips and BOs as per their RR.
Slope of PC-A1 = PC-A2
And PC-B1 = PC2
This shows DEEPINDS respects Parallel Channel very well
With the Breakout (BO) of PC-A1 at 195, price rallied to 277, where it created Highest & Start point of PC-A2
The downtrend from there, Candles remained respected the PC-A2 and price dropped till 177
Now check out this lowest point of 177 was the last support in PC-A1 from where the BO rally started!
And similarly in PC-A2 this support of 177 initiated the PC Breakout.
Check the Breakout Levels of PC-A1 & PC-A2, both are just same-At 195 !!
This Breakout has also taken rally to the levels of 277 with yesterday's closing.
Isn't this just wonderful, Just another magical thing of Parallel Channels!
Now what I feel, the overall market trend in Apr-22 had impacted the Breakout of PC-A1 and,
The bearish view pushed down the script to correction till the magical support of 177.
So the current Breakout possesses the double strength to rally further.
Also the volumes are just huge, that are strengthening the BO of 245.
For swing trade:
If opens above mid line of PC i.e. above 268, enter at same levels
If opens below the mid line, wait for the support of lower line of PC-B2
Target: 1st level-340,
then after some consolidation towards 390
SL:234
If view goes wrong, levels 220 are good support and great opportunity to enter with great RR ratio.
DEEPINDS is good pick for long term portfolio, one can add on every dips and BOs as per their RR.
Note
We had set SL of 234, it bounced up from 237.Went down for testing because of overall market situations.
The retesting showed the strength in Parallel Channel #WondersOfPC !
Closure above the midline of 270 will help in strong Breakout for PC-B2.
For LT portfolio do not be worried for daily volatility, keep adding your favorite picks at every dips.
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