NeeteshJain
Long

Mcleod Russel Completes Bullish Cypher Pattern

BSE:MCLEODRUSS   MCLEOD RUSSEL INDIA LTD
It is been observed on the daily chart that the price action completes a bullish Cypher Pattern by reching 78.6% retracement level of (X-C) indicating a bullish move ahead.

Target: 158
Target: 160
Stoploss: 148
Trade active
Trade active
Comment: 2.5% up, closing to target 1. Regards
Trade active
Trade active
Comment: It is touching the crucial support levels again,



Target: 150
SL: 143
Trade closed: stop reached
thank you sir
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Pls update the status once again pls because it is reached SL.
+1 Reply
@ashokm81, Yes, I have updated it with a chart. Kindly have a look. Regards
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Sir, This is active or not?
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This stock is active or not?
Reply
@ashokm81, Yes, it is active until it closes below 145 levels. Regards
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Hi Neeteesh,

Good one but how you calculated 158 as target. Shouldn't atleast 23.1 be first target which is around 161 sub levels ?
+1 Reply
@sonshu101, Yes you're right. I like to match support and resistance levels with Fibs in order to take targets. Regards
Reply
I'm in this trade since 145 Entry.
Was hoping it would hit 160 and above today after the breakout, but it failed as of now.
I hope it doesn't falls into the trading range again and goes low.
Got rid of half and holding another half.
Reply
Hello sir,
The pattern seems to be matured, then why we cannot keep
a minimum 38.2% retrace of CD target comes around 172.
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