SunPharma breaking out of a Bullish Flag Pattern channel and is headed to targets 500 and 540 with initial SL @ 460. Will book partial upon achievement of target 1 i.e. 500, will move SL to 480 and then 500 eventually.
Trade closed: target reached
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Positional traders can hold for the next target of 540 while low risk traders can book profits and exit.
@y2kake - nice analysis. Just want to know - wont price tgt be 477 + 154 ( size of pole as per theory - (494-340)). what is the time tgt here?
Medi_Trading
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@vaibhav2803, It’s 477 - 314 (and not 340) i.e. 163 points. @vaibhav2803, The short term target is usually the difference between the two parallel lines which is about 35 points here... 500 could act as a psychological target and in turn a short resistance. Hence, short term traders may book profits @ 500 while the others can hold it for 540 and eventually 640 till when it may form a lot of other patterns (bullish as well as bearish). Shall review the same upon periodic targets achievement. Hope this answers your query.
Medi_Trading
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@y2kake, Also, more importantly, we’ll keep a simplistic approach towards each target for new traders to understand. You’re free to trade as per your understanding.
Adhivichu
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ready to take entry monday?
Medi_Trading
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@Adhivichu, Absolutely, even though it may open gap up on Monday.