praveen.bhatiya

Long : Ascending Scallop Breakout

Long
NSE:GRANULES   GRANULES INDIA
The stock has formed a beautiful Ascending Scallops pattern and closed above the pattern High yesterday thus triggered the buy signal. The patterns is very reliable so one can take advantage of it. One can expect the target of above 145. Theoretically one should provide the stop loss below 124 on closing basis however I would trade it with Stop loss of 127. One can decide it depending as per their risk taking apatite.
Trade active: Entered today as the theoretical Stop loss is affordable to me. Finger crossed !

Comments

great catch!!
but i think there is a this trendline _resistance that it has to cross first. Untill then,it has a chance of reversal in the yellow zone
Reply
@Einstein15, Thanks for adding vital inputs, however while drawing a Resistance line I consider only 2 immediate pivots and extend it to see its validity. In this particular case I would have drawn like this
Reply
Einstein15 praveen.bhatiya
@praveen.bhatiya, Ah okay. Noted!!! Thanks for the explanation.
Reply
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