IPCALAB: Multi-Year Breakout: Monthly Timeframe: Oct'24

Oct 4

IPCALAB: Multi-Year Breakout: Monthly Timeframe: Oct'24

• Stock comfortably broke the high (1383.1) it made in Sep'21 and closed above in Sep'24. A multi-year breakout on a monthly time frame
  
• RSI in Sep'24 (63.27) is above 60.
  
• Breakout in Sep did not happen with above average trade volume (9 SMA) [NEGATIVE]
  
• Drawdown = 713.3/-
  
• Target = Breakout level + Drawdown during consolidation phase = 1383.1 + 713.3 ~ 2090
  
• ATR = 136.47
  
• SuperTrend = 1020.92
  
• Stop Loss = 1 ATR below previous month's low = 1375 - 136.47 ~ 1235
  

Oct 4

Trade active

Bought at 1490.2 on 04-Oct

Oct 12

Note

Switching to weekly timeframe, to analyze the breakout