RaghunathHyd

UPL - Breakout or Fakeout?

NSE:UPL   UPL LTD
65 views
4
UPL price action is now at a unique position. On one hand it is at all time highs trying to breakout above 720 but also formed a bearish AB=CD harmonic pattern .

Which one will prevail?

Breakout - if price closes above 720 & sustain further

Fakeout - If price closes below 720

Let's wait and see price action & see if we can enter Long or Short.
Comment: Still lingering around 720 - neither breaking out nor faking out. Wait for the price action to take action either way.
Trade active: UPL has faked out unable to break the 720 barrier.

Enter short at 680 with a SL of 710. TP of 490

Comment: Moving SL to 700
Trade closed manually: Stock has been Resilient. Booking profit @665