McDowell Long opportunity

May 21, 2022

MCDOWELL_N

Stock -> United Spirits (McDowell)

TimeFrame -> Weekly

Hello all!

United Spirits broke out of the symmetrical triangle pattern on 27 September 2021. The stock since then has been consolidating ever since thus forming a flag and pole pattern and has now finally come to retest the triangle it broke out of. It makes for a good opportunity to go long.

The perfect entry would be after the breakout of the flag pattern. The stock is also nearing its "Golden zone" (between 50%-61.8% Fibonacci retracement) . Thus accumulation in small quantities can also be done at this point.

The analysis would become invalid if the flag pattern is broken on the downside.

*NOT A CALL*

#mcdowell #unitedspirits #nifty #fibonacciretracement #technicalanalysis #swingtrading