Time frame - 1 D Chart pattern - Diamond formation.
1. Diamond formation is at bottom of downtrend, signaling trend reversal. 2. Chart has already taken support multiple times around 486 levels. 3. Support is at important fibo level of 0.786 adding more conviction. 4. Now, if breakout is supported with volume the can give target of 615. 5. Risk : Reward ratio- 1:2.5 ; SL - 585 ; Entry - 520-530
#Diamondformation #Patternbreakout
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1. Currently the stock seems to be taking support again at 0.786 fibo levels. 2. The similar zone has acted as support earlier too. 3. An upward movement with good volume can add more conviction. 4. An upside potential stock which can result into 20% gain.
I think 530 day closing then definitely buying 1st 578 traget
ankitstockmarket7
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@vishnubarath1995, Agreed. And currently it is still trading within diamond pattern. The entry now can be good as it is again showing a reversal from earlier support of around 490 coinciding with 0.786 fibo levels.