A very interesting cup-n-handle trade setup is developing in BATAINDIA. The cup is already formed and the handle is currently in development with two possible lows for the handle: (1) around 1635 and (2) around 1600. The scenario (2) is more likely since this is the more frequent S/R level seen in several instances in the past 2 years, with a major support in...
=> We can go long only if price close above 1700 level (Price should sustain above 1700 level at least for 30 min)
=> Risk reward for this trade is 1:1.84
*Always Enter With good confirmation & Maintain proper Risk Reward.
******* Knowledge Purpose only ********
>> Visit My Ideas Page for Daily Stock Analysis & check my previous stock analysis how accurate...
Bata India broke out its major resistance level 1685, Can see a good upside momentum from here.
Good Accumulation range- 1645-1680
Upside target- 1780-1815-1880++
Stop Loss- 1615 on closing basis
Duration - 3-6 Months
If sustains above All time high, then next target is 2100++
BATA India looks like a very beautiful chart, Forming cup with a handle.
Taking fresh trade as follows:-
SL: 1651 (DAILY SL, meaning if at 3:25 the stock trades below SL then we consider SL as hit)