UNO MINDA LTD. has shown a breakout above a key horizontal resistance level on the daily chart, accompanied by a nearly 1.5 times volume surge near the breakout, as seen earlier, supported by strong momentum.
🔍 Breakout Context:
- Price broke above the ~₹1110 and 1120 horizontal resistance, which had held for over 6 months.
- Breakout supported by more than average volume and just above average range near the resistance zone.
- The price is also trading above both the 50- and 100-day SMAs, indicating strong trend continuation.
- This aligns with a bullish continuation setup.
📉 Trade Plan:
- CMP: ₹1149
- Entry: Near ₹1128
- Target: ₹1240 (~10% upside from CMP)
- Stop-Loss: ₹1079 (Closing Candle)
- Risk-Reward Ratio: ~1 : 2.2
🔍 Breakout Context:
- Price broke above the ~₹1110 and 1120 horizontal resistance, which had held for over 6 months.
- Breakout supported by more than average volume and just above average range near the resistance zone.
- The price is also trading above both the 50- and 100-day SMAs, indicating strong trend continuation.
- This aligns with a bullish continuation setup.
📉 Trade Plan:
- CMP: ₹1149
- Entry: Near ₹1128
- Target: ₹1240 (~10% upside from CMP)
- Stop-Loss: ₹1079 (Closing Candle)
- Risk-Reward Ratio: ~1 : 2.2
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.