IndusInd Bank - Traingle breakout
Updated
Hi guys, as you can see IndusInd bank has formed triangle pattern ... now if it breaks upper trend-line of the triangle with good volume ... it can give target of 1100+ ( Targets can be varied depends upon ..the blue trend line )
Aggressive entry : - Above 1035
SL: 1020
Super Safe entry : Above 1052-1055
Target is 1100 + ( Depends upon how fast it will move after breakout )
- Once it breakout above blue line as shown in chart ... it can move upto 1200
So please wait for successful breakout, dont jump in any trade.
Things to remember :-
1) Always wait for the confirmation , don't directly jump into any trade.
2) For this stock ... Breakout level is above 1034 --- So aggressive players can take entry above 1034, and Super Safe people can take entry around 1052
3) Conditions for breakout is a big green candle with good volume.
4) After a successful breakout, there is 90% chance it will come back to retest the support, which was once resistance. So if you are a safe player just wait for it to re-test , once it re-test successfully or bounce back from the support, then you can take entry above the recent high.
5) Always keep trailing stop loss. Which you can decide for eg : Tomorrow's SL will be the low of Today's candle ... same way you can trail stop loss.
Note : I am still a learner, Please let me know if i missed something
Disclaimer : This is just for Education purpose only.
Aggressive entry : - Above 1035
SL: 1020
Super Safe entry : Above 1052-1055
Target is 1100 + ( Depends upon how fast it will move after breakout )
- Once it breakout above blue line as shown in chart ... it can move upto 1200
So please wait for successful breakout, dont jump in any trade.
Things to remember :-
1) Always wait for the confirmation , don't directly jump into any trade.
2) For this stock ... Breakout level is above 1034 --- So aggressive players can take entry above 1034, and Super Safe people can take entry around 1052
3) Conditions for breakout is a big green candle with good volume.
4) After a successful breakout, there is 90% chance it will come back to retest the support, which was once resistance. So if you are a safe player just wait for it to re-test , once it re-test successfully or bounce back from the support, then you can take entry above the recent high.
5) Always keep trailing stop loss. Which you can decide for eg : Tomorrow's SL will be the low of Today's candle ... same way you can trail stop loss.
Note : I am still a learner, Please let me know if i missed something
Disclaimer : This is just for Education purpose only.
Note
Breakout done ... on hourly Chart ... its currently 1041 now.. Aggressive players can take entry now .. safe players can w8 for 1052 lvl or w8 for daily candle close above 1035Please note :- Safe Entry is only if today's candle close above 1035 on daily Chart and super safe is above 1052
Note
Another breakout done on Hourly time frame with very good volume ... well above 1052 ..current its 1056...
Disclaimer
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