MMTC's Rounding Bottom Breakout

sandeshprabhu85 Updated   
Here's an exciting trade prospect in MMTC. A clear rounding bottom formation is evident on daily and weekly charts. The recent surge above the robust resistance at 42.05, coupled with substantial volumes, marks a notable breakthrough.

Anticipate a possible retest after breakouts, keeping a close watch on closing prices. The setup remains valid as long as MMTC stays above 43, a key level indicating pattern strength.

This is a medium-term trade with targets set around prior resistance levels and the rounding bottom's projected completion near 65.

Remember, this information is for educational purposes and not financial advice. Manage your trades wisely and consider setting appropriate stop-loss levels to manage risk.

Trade active:
Trade is On, nearing Target 1
Target 1 & 2 achieved now nearing target 3
Target 3 achieved next stop 65.35
Trade closed: target reached:
Final target of 65.35 has been reached way too sooner than expected and one can choose to either book profit at this level or book part profit and trail SL of 65.35 entirely upto the trader's appetite. Although 65.35 is a multi year resistance so there are high chances that there'll be profit booking around this level and the stock might consolidate for a while before giving a decisive move either side.
Will update the idea accordingly in future.
Happy Trading


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