Double Bottom Formation in V-Guard Industries

V-Guard Industries 1-day chart is forming a Double Bottom pattern.
The chart has already broken a very important resistance which was working from April 2018 with good volumes signifying a true breakout. Currently, it is in retesting mode.

One can BUY in the range of 255-265.
One Can expect a minimum of up to 14-15% returns in the short-medium term. The first target is around 292-300 (adding 37 points dip to the breakout level of 255 gives 292).

There can be two possible stop-losses:
1. At a level of monthly support 1 - 237 giving a 1:2 risk-reward ratio.
2. At a level 218 giving a 1:1 risk-reward ratio.
Adopt according to your risk appetite. Keep the stop losses trailing if the trade goes in our direction.

BUY - 255-265
TARGET - 292-300
SL - 237/218

Disclaimer - This is just for educational purposes. No recommendation is given. Trade at your own risk & will.

Any sort of feedback is wholeheartedly welcomed.


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