NSE: HAVELLS has been in an uptrend since June-July 2020 after a heavy fall due to COVID-19. The DOUBLE BOTTOM formation is observed in the daily and weekly charts. The analysis has been done from macro to micro timeframe (Monthly --> Weekly --> Daily). The current view on the stock is to go long with given levels.
I suggest you do your own analysis before investing. This is my perspective based on my understanding.
Trade Status = ACTIVE
Comment
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The targets have been achieved successfully and one can think about booking their profit partial or fully based on their targets. The logic was completely correct. After the breakout levels and TGT1 completion, the stock has gained a good amount of profit. From 650 to 850 which is almost 30% of gain in just 2 months.
Trade closed: target reached
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All the targets are achieved, The trade is closed now. From the date of analysis (10-11 Sep) till today, the stock has given a huge return of 30% approx.
what is the possibility that double bottom will remain optimistic!
for the long trade
nisargsojitra
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@nutterkumar, I agree, For the long term we may need more indicators and confirmations from multiple time frame analysis as well. However, as we discuss this here, NSE: HAVELLS has already given a breakout from the mentioned level and has achieved the first target of 675. Currently, it is trading at CMP of 679.95. Waiting to achieve the second target in a few sessions. But is also at a supply level so I agree with you that one may need some more indicators to take the entry at this CMP. A breakout and closing above current resistance maybe a good confirmation.
nisargsojitra
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@nutterkumarm the breakout levels were successfully broken. We may see a correction at current levels though.
for the long trade