1) Triangle pattern breakout and retest. 2) Uptrend support 3) Good volumes Can be bought for a target of 194. CMP-178. SL will be 170 on a closing basis. HIT the like button if you liked my analysis and do FOLLOW for regular swing trading ideas.
Trade closed: stop reached
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Sorry guys, but it hit the SL today. Failures are a part of markets no matter how good analysis you do. Thanks for supporting the idea and for all the likes. Do check out my other ideas as well.
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If anyone wants to hold or can hold, they can do that. It's a fundamentally good stock and can be kept in the portfolio.
Thank you Bro.. Nice pick.. As per today's move, it almost touched back trend line.. Any guess what will happen next as metal index also looks like bearish..
TradingWithRahul
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@jeevasaran1988 yeah, in my view till it is above 170, it is okay. Maybe a few days of consolidation can happen but good chances of going up. NIFTY METAL is also not very bearish, just a consolidation is happening in my view right now.
@Shantnu we can't time the market 😅. It can come in few days also or 2-3 weeks.
RamboGunner
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good. do you have scanner for such descending traingle breakout. also look at itc. make a post.
TradingWithRahul
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@RamboGunner No😅there is no such scanner for patterns. It's my hobby to look at different charts and if I find some pattern, then I post it😊. ITC is actually a slow moving stock, that's why I didn't posted the idea. It will take more time to get tha returns which we can get in other stock in less time.
As per today's move, it almost touched back trend line..
Any guess what will happen next as metal index also looks like bearish..