As evident,stock on weekly chart has came out of corrective wave B or wave 2 triangle(low chances) as it has breached B-D trendline along with wave D pivot high, and going ahead we can see an impulsive rise unfolding in the form of wave C or wave 3(again low chances).One can enter stock at current levels of 20.30 and any retracement in the form of lower degree wave 2 of wave C or 3, towards 19 level followed by bullish reversal candle can be an additional good long entry setup and the same pivot low can act as support and exit on the down side although ideally stop-loss for this trade comes at 15.80.On the upside we can levels of 23.70 and 28.55.
Hence risk-reward from current level is 1:2.
One should take entry in steps by deploying 40% funds at current level,and rest 60% on retracement.If we continue to go up from current level then commit only 40% of fund.
PS:As we are coming out of triangle possibilities of current rise being wave 3 is less.
Disclaimer:This is just my view no position should solely be taken on its basis,posting this for my future reference.
Hence risk-reward from current level is 1:2.
One should take entry in steps by deploying 40% funds at current level,and rest 60% on retracement.If we continue to go up from current level then commit only 40% of fund.
PS:As we are coming out of triangle possibilities of current rise being wave 3 is less.
Disclaimer:This is just my view no position should solely be taken on its basis,posting this for my future reference.