Motherson Breakout Trade Idea
Updated
Hi friends and mates, Sharing a breakout trade idea on Samvardhana Motherson below-:
So as you can see on provided chart that recenly price have broken a resistance nearby 208 levels and moving in upward direction so we can consider it's a horizontal resistance breakout so after this breakout my current anticipation is price will come down near to above mentioned resistance and this time that resistance will act as a support and we can see an upward direction move again after support bounce, This anticipation is based on the previous price action behaviour where price did the same thing after breakout. It's a breif description nothing i have much to write rest all the impotant things mentioned on the chart.
Support-: 199 is looking a good support closing basis for this trade.
Target-: 250 levels looking a good target for this trade measured by the chart pattern (ascending triangle).
Best Regards- Amit
Hope you will like this idea.
So as you can see on provided chart that recenly price have broken a resistance nearby 208 levels and moving in upward direction so we can consider it's a horizontal resistance breakout so after this breakout my current anticipation is price will come down near to above mentioned resistance and this time that resistance will act as a support and we can see an upward direction move again after support bounce, This anticipation is based on the previous price action behaviour where price did the same thing after breakout. It's a breif description nothing i have much to write rest all the impotant things mentioned on the chart.
Support-: 199 is looking a good support closing basis for this trade.
Target-: 250 levels looking a good target for this trade measured by the chart pattern (ascending triangle).
Best Regards- Amit
Hope you will like this idea.
Trade active
According to description price given an entry of 208 levels and did not gives a sifnificant close below mentioned support in idea although there was massive selloff seen in markets that time so this trade is technically active now and 208 levels can act as a support now on the top i marked a fresh resistance after breakout of this added resistance we can see fresh momentum, Main support 199 wil be follow same this time too as per description. Thanks for supporting idea mates.
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