Chart is self explanatory. Entry, Targets and Stop Loss are mentioned on the chart.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
Earlier,the chart also formed a BARRB pattern (Bump and Run Reversal Bottom).
Pattern started forming from the previous peak on 30 Sep 2019. Followed by a series of pullbacks during Feb 20.
The price continued to fall down steeply (approx 1.5 times of the previous lower low) improving confidence in the pattern formation.
The breakout of the pattern's trend line happened on 10 Aug 20 approx Rs. 1000 levels. (pattern completion)
Initial stop could have been set below Rs. 870 followed by trailing stops stopped at Rs.1400 levels.
Target 1 could have been the Sep 19 resistance level (1900 levels).
The reversal trend could have brought approx 83% return in 55 weeks.
MandeepSinghKohli
⋅
@MaxSmile749317 100% Correct... Thumbs up for your analysis.👍 Did exactly same. Have not posted all my charts here. This is fresh breakout and let's see how it plays out...🤞
I plan to buy INDIGO tomorrow. Is this a safe level to buy? Or should I buy at a lower level? Thanks for your guidance.
MandeepSinghKohli
⋅
@RamaSriram Market can always give you opportunity so try to buy near breakout levels. It is good as long as it is above breakout levels on weekly closing basis...