Breakout Analysis on TATA Chemical.
Tata Chemicals had a strong breakout with a huge candle on the weekly closing day.
Tata Chemicals was in a 9-month rectangle symmetric pattern and recently broke out with good volume.
While it has potential to reach its resistance, it's better to wait for a slight correction or retracement before entering. If it comes back to the breakout area, that would be an excellent time to consider entering. If not, we'll monitor if it sustains above the breakout level, and if it does, it's a green signal. Our entry strategy will have a 1:1 risk-reward ratio, as shown on the chart.
Not a recommendation.
Tata Chemicals was in a 9-month rectangle symmetric pattern and recently broke out with good volume.
While it has potential to reach its resistance, it's better to wait for a slight correction or retracement before entering. If it comes back to the breakout area, that would be an excellent time to consider entering. If not, we'll monitor if it sustains above the breakout level, and if it does, it's a green signal. Our entry strategy will have a 1:1 risk-reward ratio, as shown on the chart.
Not a recommendation.
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