GEARING UP (BREAKOUT RETEST IDEA)

Hi, friends as you can see on this daily chart of Muthoot Finance it is showing a Rebounding structure after making a recent lows of 915 levels and if we will go to the weekly or monthly chart we can see it is falling from 1700 levels and now showing some strength after creating a base near about 950-1000 levels and currently making higher lows and successfully breached previous two swing highs and gives a breakout in this two previous swing highs one was a strong resistance for it and now price break that levels and trading very well above that resistance so my idea is that after this breakout it can come to retest it's Breakout zone which is near about 1085 to 1070 levels that will we our entry for the target of 1187 for this idea 1040 will act as a strong support on daily closing basis.


MOVING AVERAGES-: (EMA)
Daily Chart- Price Trading Above 20, 50, 100, 200 Moving Average.
Weekly Chart- Price Trading Above 20, 50, 100, 200 Moving Average.
Monthly Chart- Price Trading Above 20, 50, 100, Moving Average.



RSI-:
Daily Chart- 72.66 (Bullish)
Weekly Chart- 63.13 (Bullish not Overheated)
Monthly Chart- 51 (Neutral with Bullish Divergence)



Strengths-:
-: Higher Highs and Higher Lows.
-: Price trading above on all moving averages on Daily, weekly and monthly time frames.
-: Daily and weekly RSI are Bullish and monthly.
-: Current price 1128 gained 9% in current week.


KINDLY NOTE-: This is not and trade or investment advice. This idea is meant for learning. Invest your capital at your own risk.




Regards-: Amit (AR)

Comment:

REACHED NEAR TO MENTIONED BREAKOUT RETEST ZONE

Comment:

RANGE BREAKOUT, AFTER A BREAKOUT RETEST OF 1100 ZONES ENTRY PRICE, NOW WANT TO BREAK SWING HIGHS WHAT IT MADE AFTER BREAKOUT AND BEFORE RETEST.

Comment:

STOP LOSS UPDATE-:
REACHED TODAY 1159 FROM 1090 RETEST LEVELS SO NOW I WILL MOVE MY STOP LOSS ON COST.

Comment:

MENTIONED TARGET OF 1187 IN IDEA ACHIVED BY TODAY'S HIGH SO FAR, 8% MOVE CAPTURED