RIDING THE WAVE - CUP & HANDLE BREAKOUT IN MANAPPURAM FINANCE
Symbol - MANAPPURAM
CMP - 234.16
Manappuram Finance is a Non-Banking Finance Company (NBFC), which provides a wide range of fund based and fee based services including gold loans, money exchange facilities, etc. The Company is a Systemically Important Non-Deposit taking NBFC.
Manappuram Finance Ltd. has recently demonstrated a significant bullish breakout, having formed a classic cup and handle pattern on a larger time frame and breaking out with strong volume. The cup and handle pattern is a well-regarded bullish breakout formation, and when it occurs on weekly or larger time frames, it tends to be highly reliable, indicating a robust upward momentum.
Currently, the stock price may retest the breakout zone, which coincides with the previous resistance area; now turned support - around the 230 to 217 range. This retest is a natural price action behavior and offers an attractive entry point for long positions before the stock continues its upward trajectory.
The target for this breakout, based on technical projections, is around 350, representing a 60% upside from the current market price. Given the strength of the breakout and the established pattern, this target appears achievable over the medium term.
For risk management, a stop loss can be placed around the 197 level, providing a reasonable cushion in case of a price reversal.
From a broader perspective, the formation of a cup and handle pattern coupled with a successful breakout on higher time frames adds a significant bullish bias to the stock. Investors looking for a favorable risk-to-reward setup may find this an opportune time to initiate or add to their positions in Manappuram Finance.
Disclaimer: The information provided here should not be construed as a buy or sell recommendation. It reflects my personal analysis and my trading position. Please consider this trading idea for educational purposes only. Thank you!
CMP - 234.16
Manappuram Finance is a Non-Banking Finance Company (NBFC), which provides a wide range of fund based and fee based services including gold loans, money exchange facilities, etc. The Company is a Systemically Important Non-Deposit taking NBFC.
Manappuram Finance Ltd. has recently demonstrated a significant bullish breakout, having formed a classic cup and handle pattern on a larger time frame and breaking out with strong volume. The cup and handle pattern is a well-regarded bullish breakout formation, and when it occurs on weekly or larger time frames, it tends to be highly reliable, indicating a robust upward momentum.
Currently, the stock price may retest the breakout zone, which coincides with the previous resistance area; now turned support - around the 230 to 217 range. This retest is a natural price action behavior and offers an attractive entry point for long positions before the stock continues its upward trajectory.
The target for this breakout, based on technical projections, is around 350, representing a 60% upside from the current market price. Given the strength of the breakout and the established pattern, this target appears achievable over the medium term.
For risk management, a stop loss can be placed around the 197 level, providing a reasonable cushion in case of a price reversal.
From a broader perspective, the formation of a cup and handle pattern coupled with a successful breakout on higher time frames adds a significant bullish bias to the stock. Investors looking for a favorable risk-to-reward setup may find this an opportune time to initiate or add to their positions in Manappuram Finance.
Disclaimer: The information provided here should not be construed as a buy or sell recommendation. It reflects my personal analysis and my trading position. Please consider this trading idea for educational purposes only. Thank you!
Trade active
CMP 225Retesting breakout zone, Long position opened.
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Join me, I'll guide you to PROFITABLE TRADING.
Connect with me directly on WhatsApp: +91-9915885550
Join my free Telegram group: t.me/akshit_official
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.
Trading isn’t a gamble. When skill meets discipline - profit becomes the natural outcome.
Join me, I'll guide you to PROFITABLE TRADING.
Connect with me directly on WhatsApp: +91-9915885550
Join my free Telegram group: t.me/akshit_official
Join me, I'll guide you to PROFITABLE TRADING.
Connect with me directly on WhatsApp: +91-9915885550
Join my free Telegram group: t.me/akshit_official
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.