Observations:
1. Stock has given breakout after forming CUP & HANDLE reversal pattern.
2. Fibonacci level of 0.5 (7293.40) has given breakout which will act as support as per Principle of Polarity.
3. Strong volumes has seen near breakout zone.
4. Short term EMAs suggest uptrend.
5. RSI has moved above 50 which shows strength in stock.
Considering above, following are possible trade details:
Buy between 7,430 - 7,450
TGT: 8,325 (See measure rule of Cup & Handle )
SL: 7,214 ( Little below of breakout candle )
RR: 1:4
Measure Rule of Cup & Handle:
1. Measure distance from lowest point of cup (Point A) to neckline of cup (Point B) which comes to 936 (7336 - 6400)
2. Add difference from breakout point (point C) 936 to achieve target (point D) which comes to 8366 (7430 + 936)
3. However, looking at fibonacci levels, Target price can be expected around 8325
Disclaimer:
This idea is presented just for educational purpose only. You will be solely responsible for your own money & decisions you take.
1. Stock has given breakout after forming CUP & HANDLE reversal pattern.
2. Fibonacci level of 0.5 (7293.40) has given breakout which will act as support as per Principle of Polarity.
3. Strong volumes has seen near breakout zone.
4. Short term EMAs suggest uptrend.
5. RSI has moved above 50 which shows strength in stock.
Considering above, following are possible trade details:
Buy between 7,430 - 7,450
TGT: 8,325 (See measure rule of Cup & Handle )
SL: 7,214 ( Little below of breakout candle )
RR: 1:4
Measure Rule of Cup & Handle:
1. Measure distance from lowest point of cup (Point A) to neckline of cup (Point B) which comes to 936 (7336 - 6400)
2. Add difference from breakout point (point C) 936 to achieve target (point D) which comes to 8366 (7430 + 936)
3. However, looking at fibonacci levels, Target price can be expected around 8325
Disclaimer:
This idea is presented just for educational purpose only. You will be solely responsible for your own money & decisions you take.