POSSIBLE BREAKOUT OF LAURUSLABS AFTER CUP & HANDLE
Updated
Possible buy opportunity coming up in Lauruslabs counter (Breakout not yet confirmed, but looks promising)
Cup & Handle pattern formed.
Reversal confirmed from long term down trend from a base of 290.
I also think that the consolidation flag at the resistance line of C&H pattern, today' volume increased the conviction in the idea.
Buy above - 340.25
Stoploss on daily closing basis - 309.50
Target 1- 380 <note that Risk Reward at T1 is not attractive, but likelihood of T2 and T3 is high and T1 to be used a trailing stop loss
Target 2: 425
Target 3: 450
Note: I am not a professional Trader / Investment expert or Advisor. Treat this as an idea for your independent analysis & judgement before any actions.
Cup & Handle pattern formed.
Reversal confirmed from long term down trend from a base of 290.
I also think that the consolidation flag at the resistance line of C&H pattern, today' volume increased the conviction in the idea.
Buy above - 340.25
Stoploss on daily closing basis - 309.50
Target 1- 380 <note that Risk Reward at T1 is not attractive, but likelihood of T2 and T3 is high and T1 to be used a trailing stop loss
Target 2: 425
Target 3: 450
Note: I am not a professional Trader / Investment expert or Advisor. Treat this as an idea for your independent analysis & judgement before any actions.
Trade active
Picking up after testing the resistance Level. HoldTrade active
Counter continuing momentum as expected and close to Target 1.Possible consolidation/ retracing around Target 1, partial profit booking can be done at target 1.
Trade closed manually
Breached trailing stop loss after reaching close to Target 1.Book profit and close
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.