Multi-Year Breakout: Weekly Timeframe: Week ending 11-Oct

Oct 9

Multi-Year Breakout: Weekly Timeframe: Week ending 11-Oct
Price, Volume, RSI, Timeframe of breakout & Timeframe of analysis

• Stock broke its all-time high (5425.1) it made in 18-Oct-21 and closed above in the week starting 09-Sep-24.
  
• Volumes in the week of 09-Sep-24 were above the 9 SMA
  
• RSI in the week of 09-Sep-24 (74.80) is above 60.
  
• A multi-year (3) breakout on a weekly time frame
  
• The stock has been consolidating at the breakout levels for the last 3 weeks and is finally turning green in the week of 07-Oct. On 08-Oct, when I am analyzing this script, it has closed above the highs made in the week of 09-Sep-24.
  

Numbers

• Drawdown (marked on chart) = 2695.10/-
  
• SuperTrend (30-Sep-24) = 4718.73 is positive
  
• ATR (30-Sep-24) = 249.37
  
• Low made in the last analysis time frame (30-Sep-24) = 5241.7
  

Entry / Exit

• Entry = Close of 08-Oct ~ 5547
  
• Target = Breakout level + Drawdown during consolidation phase = 5425.1 + 2695.10 ~ 8120
  
• Stop Loss = 1 ATR below previous week's (30-Sep-24) low = 5241.7 - 249.37 ~ 4990
  
• Risk:Reward = 4.62
  
• Exit criteria = Reaches Target || Supertrend turns negative || Price goes below 18 EMA
  

Oct 9

Trade active

Bought @ 5766 on 09-Oct

Oct 12

Note

Week of 14-Oct

• The previous week was a green candle and the trade is currently in the green
  
• Trade setup: Plan to initiate trade in the current week if the price makes a new high. Previous high was made in the week of 07-Oct'24 i.e. 6159.85. Will trigger a pyramid buy above 6166. Trying to avoid the round numbers just above 6159.85. Hopefully that would also result in a bullish weekly candle closure.