LAURUSLABS - Cup-and-handle - BO - wkly

Dec 1

LAURUSLABS

This chart depicts **Laurus Labs Ltd.** and showcases a **cup-and-handle** breakout pattern.

### Observations:
1. **Cup-and-Handle Pattern**:
- The stock formed a rounded "cup" with a resistance around ₹516.70.
- A brief consolidation (the "handle") followed, leading to a breakout above ₹516.70.

2. **Breakout Confirmation**:
- The price closed at ₹567.15 (+10.64%), indicating a strong breakout.
- The breakout is supported by high volume, confirming buying interest.

3. **Measured Target**:
- The height of the cup (~₹237) added to the breakout point (₹516.70) gives a target of **₹753.00**.
- This represents a potential upside of ~46% from the breakout level.

4. **Support Levels**:
- The breakout level at ₹516.70 now acts as immediate support.
- Stronger support lies near ₹440 (handle base).

5. **Volume Spike**:
- Significant volume during the breakout signals strong momentum, increasing the likelihood of the price reaching the target.

### Potential Strategy:
- **For Bulls**:
- Entry on pullbacks near ₹516.70 or on dips above ₹550.
- Target: ₹753.00.
- Stop-loss: Below ₹500 (to account for false breakouts).