Steps 1) Identify potential breakout zones , crucial supports , resistances ,trend line , Patters like (triangle , rectangle , consolidation ) TATA POWER other examples UJJIVAN ADANIENT BTCUSD BANKNIFTY 2) Wait for breakout "do not enter just seeing the breakout " ,watch carefully the volumes , then wait for a price to retest the level. Many times when...
On the 1H chart, we draw Fibonacci taking swing highs and swing lows. It's clearly visible that TaPo takes support at 0.236 retracements. If it sustains and respects these support levels, a further upmove to the levels where it faced resistance (i.e. the recent high tested yesterday 10/11/21).
I can interpret an upcoming breakout in this chart is so many ways. This is why technical Analysis isn't difficult. One just needs to have an eye and correlate. I'm not giving any Stop loss or Targets here. This is for you guys to interpret it the way you like and take your decisions. If it fails, this chart would tell you why it failed as well. Those who want...
Read the chart and do you own analysis
Head and Shoulder formation in Tata Power Buy at cmp target T1= 90, T2=100, T3=120