the_consolidation_guy

Cup and Handle in SBICARD

Long
NSE:SBICARD   SBI CARDS & PAYMEN
Notes:
  • Cup and Handle formation started on 2nd March.
  • The latest candle (formed on 9/6/2021) showed a strong breakout from a channel consolidation in the handle part. It also broke and closed above the top end of the cup.
  • Could expect a retest/consolidation of the top of the cup before resuming any upward move (since the breakout was not supported by a strong volume ). Hence, Possible accumulation zone near the present levels.
  • Topside target in such a pattern is taken as the depth of the cup. In this case, around 240 points or 20%.

Please note - Not a SEBI Registered Advisor/Analyst. Only for Educational Purposes. Please Consult your financial advisor before you take any action.
Comment: Not looking so great so far.
Order cancelled: Falling out of pattern (Even though the volume is very less).
Comment: Looks like a channel consolidation between 955 and 985.
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