IRCTC: DOUBLE BOTTOM CANDIDATE

Aug 12, 2023

From Nov'22 high stock was under pressure and tested the Jul'22 on 27-Mar'23. From there prices are bouncing back forming higher high and higher low on the lower degree time frame. There is also a formation of INVERSE HEAD & SHOULDER PATTERN which is a bottom reversal pattern whose neckline is 655 and currently prices are trading above this level on weekly chart which should be considered as the breakout of this bottom reversal pattern. The measured target for this pattern is coming about to be in the region of 775-780 zone which is also the neckline of Double bottom pattern on larger degree front.

TRADING STRATEGY:

Buy 662, SL: 616 TGT: 775-780

Dec 4, 2023

Trade closed: target reached