Range Bound Breakout expected at 2184

VINATIORGA

Structure : Range bound

What is range bound market?

Whenever a stock or index is trading between support and resistance it is called Range bound.
There is no strong move in either direction.
Prices tend to ping back and forth near old highs and then fall to prior lows.
The range-bound movement usually occurs at the end of a large move as the bulls and the bears fight over the direction of the next move.
Generally breakout occur at the previous direction of the underlying.

Range Bound Level : 1770 to 2130
Range bound levels are clearly drawn in the chart as support and Resistance.

Break out level : 2184

CMP : 2170

Advance Buy Order @ >= 2185

Reason : Range Breakout at 2185

Long Term Target: 2540 - 2560 + + +

Short Term Target : 2300 - 2400 - 2500 - 2540 + + +

Note: BUY only > = 2185. CMP 2170

Comment:

Note: As per range bound scenario Prices tend to ping back and forth near old highs and then fall to prior lows.

Comment:

Perfect Range bound as expected and respected all our levels