HP ADHESIVES LTDLong
HPAL - At Support - Pullback Trade
I identified this stock as a probable candidate for a breakout trade (Refer to the previous post linked here)
And we did see a breakout and run up to 540-550 levels.
Now the stock has come back to the breakout level, the previous resistance area which now would serve as a support area( 455-463)
and this week a hammer-like candle is also formed in the support area, portraying a good opportunity for a pullback trade.
The structure of the stock is still very positive and this could be a great risk to reward swing to positional trade.
The initial target is recent highs i.e. 540-550 and the further target is around 600 levels.
Close below 450 would negate the trade.
And we did see a breakout and run up to 540-550 levels.
Now the stock has come back to the breakout level, the previous resistance area which now would serve as a support area( 455-463)
and this week a hammer-like candle is also formed in the support area, portraying a good opportunity for a pullback trade.
The structure of the stock is still very positive and this could be a great risk to reward swing to positional trade.
The initial target is recent highs i.e. 540-550 and the further target is around 600 levels.
Close below 450 would negate the trade.
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