ParamjitMahapatro

lyka labs looks bullish in medium term

Long
NSE:LYKALABS   LYKA LABORATORIES
In weekly, inv HnS pattern formed, then breakout with good volume , strong base is formed, and price reversal is complete.

also horizontal resistance broken with good volume ,


1st tgt - 76, 2nd tgt - 90, sl - 53
Trade active: after recent correction, hidden bullish divergence is formed in daily after 50% retracement.

Trade active: price approaching the support zone.
Trade active: 1st tgt of 76 is achieved here, also it touched the channel resistance,


we can see here, that it never came to the support zone and reversed before that and started upward journey,

So one shouldn't pin point the entry point, rather one should take an entry in a distributed pattern (in 2 or 3 parts)
Comment: in weekly, big green candle formed and closed above upper BB, with high volume, BB started to expand.


so road is clear for upward journey.
Trade active: at cmp - 67.8, price at horizontal support.
Trade active: in daily, price bounced from horizontal support zone,
Trade closed manually

Comments

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