Kotarisug after multiple rejections, has been broken out of a neckline resistance with good volumes. With a solid base, chances of a successful breakout & follow-up increases.
Points to note before initiating Long:
-----------------------------------------------
1. An inverse H&S base with multiple touches to the neckline, respecting that resistance.
2. Volume pick up near the Right Shoulder, after a period of inactivity : big buyers incoming
3. A breakout of the neckline with good volumes.
Considering these points, long trade initiated as follows:
Entry CMP - 41.9
SL 38.75
Targets of 49.8 (Pattern Height)
Disclaimer: Always trade with proper money management & analysis. Always enter SL first.
Points to note before initiating Long:
-----------------------------------------------
1. An inverse H&S base with multiple touches to the neckline, respecting that resistance.
2. Volume pick up near the Right Shoulder, after a period of inactivity : big buyers incoming
3. A breakout of the neckline with good volumes.
Considering these points, long trade initiated as follows:
Entry CMP - 41.9
SL 38.75
Targets of 49.8 (Pattern Height)
Disclaimer: Always trade with proper money management & analysis. Always enter SL first.
Trade closed: target reached
