Simple Price Action Analysis. Breakout from Cup and Handle will take the price higher.
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2 big red candles but the volumes have been low. So far we can assume it to be just a retest and a recovery should clear the doubts of any trend reversal. However now it is the time to be a little cautious as well with stop loss.
Love a simple clean chart. Well done and thank you for contributing to the community.
CuriousChartist
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@Angusmck Thank you for the appreciation. The pleasure is all mine.
Billii
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@CautiousChartist, Hi thanks for posting the chart, i bought 7000 shares @189, can hold for 6 or so months, what will be your advice, many thanks in advance
CuriousChartist
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@Billii, These stocks are influenced by commodity rallies. From the info I gather, metals will have another year of bull run. Among them copper would be having substantial demand going forward. So yes, I'm positive in this space. Now coming to the technical aspect, 166 is a very strong support. The volumes are drying in this consolidation which is again positive. 150-165 is a consolidation zone just in case it breaks 166. Below 150 it turns weak.
Minhaj_AK
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Superb analysis. But couldnt enter as it hit upper circuit. When to re-enter again?
CuriousChartist
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@Minhaj_AK Thank You. Try to get in on Monday. However if it opens in circuits then I would suggest not to chase this and look for better risk reward counters.
Minhaj_AK
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@CautiousChartist, thank you for the prompt reply.
atul24379
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@Minhaj_AK, well technically it didny hit uc. 9.98%
CuriousChartist
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@atul24379 Technically a 172 close would have given you an extra 0.009% above the upper circuit 😉
mujthabatld121
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@Minhaj_AK, hello bro, i am new to stock market. Can you please tell me why shouldn't we pick a stock that hit upper circuit ?Thanks