DLF Breakout
Updated
After breaking through the support of 456 .8 (white horizontal line) on 15 may, price tested and maintained this support, thus sustaining an overall bullish trend on daily chart.
After that a rising trend line has been formed (yellow line)
In this period a rough rising inverted H&S pattern is also visible, neckline being the same trend line.
Now this trend line has been broken, along with high volume confirmation.
ATR has also been rising in the last week throughout the breakout.
Thus a high probability trade is visible.
Target can be increased further depending on candle and volume.
For Short Term , SL is 538 and tgt is 595.
After that a rising trend line has been formed (yellow line)
In this period a rough rising inverted H&S pattern is also visible, neckline being the same trend line.
Now this trend line has been broken, along with high volume confirmation.
ATR has also been rising in the last week throughout the breakout.
Thus a high probability trade is visible.
Target can be increased further depending on candle and volume.
For Short Term , SL is 538 and tgt is 595.
Trade closed: stop reached
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