3LR Pattern at significant Support Zone

The stock is in downtrend but now showing sign of reversal. It has formed a 3LR pattern at significant support zone . RSI is also coming out of overbought zone. It seems to me a good trade setup with affordable stop loss. One can buy the stock for a target of 262 by providing SL of 236.

Disclaimer : All ideas and comments are my personnel view. Please take financial consultancy for trading decision.
Trade active
Trade closed: target reached


Good work.
I am also long from 237.
Now it has many resistence in range of 252 to 262 so chances of consolidation is more ?
@MohitArora, @237 it was a good entry. regarding the forthcoming resistances I think 262 is easily possible. Once a stock reverse the trend then it may continues even for the higher level. As a short term trader one can book profit and look for another entry and as an investor one can keep invested so it all depends individually.
MohitArora praveen.bhatiya
Thanks for explaining the concept.
But 262 should not be a target for investor ,its a short term target only which can be achieved within a month or evev early if its in phase of reversal ??
As i see ,in last 4-5 session it took resistence of 251-252 two times and came down few points so seeing this , i asked about other resistences in range of 252-262.
Good analysis
praveen.bhatiya yamunarani285
@yamunarani285, Thanks :)
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