IRCTC is taking support at rising trend line multiple times.
Ascending triangle is clearly visible. This pattern gives smooth move on upside.
Similarly Descending triangle gives smooth move in downside.
Currently IRCTC is moving in narrow range ( marked by dotted line ) either side break.
If it breaks on downside that will mark a lower high and new Lower low will be there, this will make stock bearish.
at each arrow marked low will be the targets.
If it breaks on high side it will touch the upper resistance marked, eventually we can expect a strong move on upside.
My take is as the stock is in continuous uptrend on longer charts. I can take the smaller risk now, or can enter with small quantity ( 1/3 or 1/2 ) depending of the risk appetite.
Stop loss is not even 15 %
Therefore for long term view or positional traders can go long keeping in mind the risk involved
When it crosses range on upside it will move more 60 70 rs away from stop loss, there by increasing the risk.
Plan well and trade accordingly.
Tip: Whenever you see any pattern forming always convert your drawings from candlesticks to line chart. This will give you an edge in the trade.
Not a recommendation, do your analysis & then enter.
Ascending triangle is clearly visible. This pattern gives smooth move on upside.
Similarly Descending triangle gives smooth move in downside.
Currently IRCTC is moving in narrow range ( marked by dotted line ) either side break.
If it breaks on downside that will mark a lower high and new Lower low will be there, this will make stock bearish.
at each arrow marked low will be the targets.
If it breaks on high side it will touch the upper resistance marked, eventually we can expect a strong move on upside.
My take is as the stock is in continuous uptrend on longer charts. I can take the smaller risk now, or can enter with small quantity ( 1/3 or 1/2 ) depending of the risk appetite.
Stop loss is not even 15 %
Therefore for long term view or positional traders can go long keeping in mind the risk involved
When it crosses range on upside it will move more 60 70 rs away from stop loss, there by increasing the risk.
Plan well and trade accordingly.
Tip: Whenever you see any pattern forming always convert your drawings from candlesticks to line chart. This will give you an edge in the trade.
Not a recommendation, do your analysis & then enter.
Comment:
Offload full qty here
1740 to 3030
74% move captured 💪🏾
1740 to 3030
74% move captured 💪🏾
Wont be available for few weeks. Will be back soon. Just logged in for positing update. 🤟🏾