Varun Beverages: VBL - Long - Swing + Intraday
VBL has just given breakout on the upside for an ascending triangle formation successfully giving a daily close above the previous 52week high and all time high.
For swing traders, it can be bought on retest of levels around 1005-1020. Ideally the SL should be 990 owing to the psychological figure barrier that it broke. But considering ascending triangle rules, SL can be kept near 965 with a Target which is a confluence of ascending triangle as well as 1.618 ratio i.e 1138. This give a R:R of nearly 2.5.
Booking half quantity here and trailing SL to 1000, It can be held for targets of 1195 giving further higher R:R.
Intraday traders can buy on 15min candle close above previous day's high with SL 5-10 points below previous days high since it is slightly volatile for targets of 1098.
Cheers to Pepsi!
Do like, comment and share if you like the analysis!
For swing traders, it can be bought on retest of levels around 1005-1020. Ideally the SL should be 990 owing to the psychological figure barrier that it broke. But considering ascending triangle rules, SL can be kept near 965 with a Target which is a confluence of ascending triangle as well as 1.618 ratio i.e 1138. This give a R:R of nearly 2.5.
Booking half quantity here and trailing SL to 1000, It can be held for targets of 1195 giving further higher R:R.
Intraday traders can buy on 15min candle close above previous day's high with SL 5-10 points below previous days high since it is slightly volatile for targets of 1098.
Cheers to Pepsi!
Do like, comment and share if you like the analysis!
Comment:
HIT the 1st target 11% move