Indiamart - Keep On Watch
Since January 24, the stock has formed a Cup & Handle-like pattern. It is now retesting the immediate support, which is around 2900-2950. If picks a bullish momentum and gives breakout of C & H pattern. It may go to 3650/ 4100+.
However, the breakout level is above 3400 but the current price is a good place for an early entry with a more favorable risk-reward ratio.
Considering risk management, one has to choose the entry-level and position size wisely.
If the price sustains below 2620, This setup loses significance.
Trade wisely and calmly.
The above Illustration is only for educational and sharing purposes, not a trading recommendation in any form.
All the best.
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