CMP - 1627 on 04.07.24
The weekly chart shows the support and resistance to the price movement.
If crosses 1680 and sustains above, it may go into a bullish phase.
Possible targets are 1730/1850/1900++
MACD is also showing a possible crossover.
At the the time of crossing 1730, we will complete the head & shoulder pattern formation which is in progress right now.
Keep in mind that the support seems around 1510, which can be seen at any time of correction.
Better to make the strategy according to the cash segment, which allows us to accumulate many times.
If the price trades below the triangular pattern, this setup will go weak.
Always plan your trade, in any case, the risk-reward ratio must be good. Don't hesitate to exit when hitting your risk management.
This illustration is only for learning and sharing purposes, not trading or investment advice in any form.
All the best.
The weekly chart shows the support and resistance to the price movement.
If crosses 1680 and sustains above, it may go into a bullish phase.
Possible targets are 1730/1850/1900++
MACD is also showing a possible crossover.
At the the time of crossing 1730, we will complete the head & shoulder pattern formation which is in progress right now.
Keep in mind that the support seems around 1510, which can be seen at any time of correction.
Better to make the strategy according to the cash segment, which allows us to accumulate many times.
If the price trades below the triangular pattern, this setup will go weak.
Always plan your trade, in any case, the risk-reward ratio must be good. Don't hesitate to exit when hitting your risk management.
This illustration is only for learning and sharing purposes, not trading or investment advice in any form.
All the best.