Mangalam Drugs has been attempting to break the 155 level, with its previous attempts getting rejected. But this time, with the solid foundation of a Double Bottom base, & a Symmetrical Triangle formed near the resistance zone, the chances of a successful breakout increases.
Following points to note before initiating a Long trade:
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1. Price keeps getting rejected from a resistance zone around the 155 level.
2. This time, price breaks out of a Symmetrical triangle near the resistance zone
3. A double bottom base provides a good foundation towards the eventual breakout of the resistance zone
Keeping the above points in mind, a long can be initiated as follows:
Entry CMP
SL 139
Targets of 1). 175.3, which is the Symmetrical triangle Pattern height, 2). 182.7
As always, keep your risk appetite mind before taking any trade. And always enter your SL first.
Following points to note before initiating a Long trade:
--------------------------------------------------------------------
1. Price keeps getting rejected from a resistance zone around the 155 level.
2. This time, price breaks out of a Symmetrical triangle near the resistance zone
3. A double bottom base provides a good foundation towards the eventual breakout of the resistance zone
Keeping the above points in mind, a long can be initiated as follows:
Entry CMP
SL 139
Targets of 1). 175.3, which is the Symmetrical triangle Pattern height, 2). 182.7
As always, keep your risk appetite mind before taking any trade. And always enter your SL first.
Trade closed: stop reached
