Greenply Faces Resistance, Breakout, and Retest

Note: This analysis is for educational purposes only and should not be considered as financial advice. I am not a SEBI registered analyst.

Greenply, a stock that has been facing resistance since December 2022, recently broke out of a rectangle pattern on 5th May with significant volume. After the breakout, the price has moved up and is now approaching a retest of the breakout level. The previous resistance level is expected to act as support.

Here's a plan for potential trade entry:

Buy Entry: Around 154.75
Stop Loss (SL): Below the daily demand zone, approximately 151.5
Target: Below the daily supply zone, around 162
Risk-to-Reward Ratio: 1:2

It's important to note that trading carries inherent risks, and it's crucial to manage risk through proper position sizing and risk management techniques.

Summary:
Greenply has faced resistance since December 2022 but recently experienced a breakout from a rectangle pattern. The price is now testing the breakout level, which is expected to act as support. Traders may consider a buy entry around 154.75, with a stop loss below the daily demand zone at 151.5. The target is set below the daily supply zone around 162, resulting in a risk-to-reward ratio of 1:2.

Remember, always do your own research and consider multiple factors before making any trading decisions.

If you found this analysis helpful, please like it and follow me on TradingView for more articles and trade setups.

Thank you for your support, likes, follows, and comments. Your love and encouragement keep me motivated to write consistently.

Catch me on TradingView for more insights and profitable trade setups! 📈📊👉 in.tradingview.com/u/AfnanTAjuddin/

🙌🚀Keep learning, keep trading, and may the markets be in your favour!🚀🙌

Technical Terms:

Resistance: A price zone where selling pressure tends to overcome buying pressure, causing the price to stall or reverse .
Breakout: A price movement above a key resistance level, indicating a potential continuation or reversal of the trend .
Retest: When the price returns to a previously broken level to test its newfound support or resistance .
Support: A price zone where buying pressure tends to overcome selling pressure, preventing the price from falling further .
Stop Loss (SL): A predetermined price level at which a trader exits a position to limit potential losses .
Risk-to-Reward Ratio: A measure of potential profit relative to potential loss in a trade, calculated by dividing the target price distance by the stop loss distance

Trade closed: target reached:

Target 🎯 Achieved