MPHASIS (NSE) has broken out of its range with heavy volume. This breakout has also happened at the 200 day moving average.
Keeping the range consolidation zone as the probable area of up trend, we can keep the target as previous resistance zone of 2450. Conservative investors can wait for a reversal and confirmation before placing a trade.
Keeping the range consolidation zone as the probable area of up trend, we can keep the target as previous resistance zone of 2450. Conservative investors can wait for a reversal and confirmation before placing a trade.
Trade closed: stop reached:
Breakout ended up as fakeout this time. We will see what the stock does when it hits the resistance zone next. For now, trade closed with stop reached.