The price has bottomed out and reversed from Multiyear Support at around 130-135 INR.
Broke the previous High on the Daily timeframe and then proceeded to break the Channel pattern on the upside.
Breakout created a new high (175 INR, which is also 200EMA level on the weekly timeframe) & Retraced (Failed breakout).
Retraced and consolidated and then gave a breakout again.
Entry Price: 160-165 INR
SL Price: 145- 150 INR
Confirmation of Breakout: after breaking of 175 level, which is 200 EMA resistance (Green line)
Target1: 181-184 (If no consolidation at targets, then next 1-2 months)
Target2; 191-194 (If no consolidation at targets, then next 3-6 months)
Target3: 210-215 (If no consolidation at targets, then next 9 months-1 years)
Broke the previous High on the Daily timeframe and then proceeded to break the Channel pattern on the upside.
Breakout created a new high (175 INR, which is also 200EMA level on the weekly timeframe) & Retraced (Failed breakout).
Retraced and consolidated and then gave a breakout again.
Entry Price: 160-165 INR
SL Price: 145- 150 INR
Confirmation of Breakout: after breaking of 175 level, which is 200 EMA resistance (Green line)
Target1: 181-184 (If no consolidation at targets, then next 1-2 months)
Target2; 191-194 (If no consolidation at targets, then next 3-6 months)
Target3: 210-215 (If no consolidation at targets, then next 9 months-1 years)
Comment:
Target 1 was achieved, and a reasonable possibility of Target 2 is present.
Profitable quarter, the crossover of 50 MA over 200 MA (Golden Cross) and a good volume breakout today.
Profitable quarter, the crossover of 50 MA over 200 MA (Golden Cross) and a good volume breakout today.
Comment:
Target 2 was achieved as well, and a reasonable possibility of Target 3 is still present.
Stoploss has been raised to 168 INR.
Daily candles show large volume moves. Wait till Target 1 is achieved.