Pullback entry opportunity in Somany Ceramics

rbasker Updated   
After forming a rounding base, Somany Ceramics is now forming a text book pullback pattern with price consolidating in a narrow range above the base. The resistance turned support line has not been violated during this period of consolidation and volume is drying up, just like how it dried up during the base formation. The company is likely to announce it's quarter results in a short while from now and it appears like the market is accumulating the stock in anticipation of a good result.
Trade active:
Stock has given a fantastic run on the upside.. Trail the stop loss based on your trade management.. If it has reached your RR goal, you might book out entire profit or take partial profit and let the rest rally further.
Trade closed: target reached:
The trade was closed with trailing stop loss hit today. Was glad to have got a 1:5 Risk Reward on this trade..

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