1. After a Breakaway gap with huge volumes last year, the stock made a good upside move.
2. For the past few months, the stock is forming an ASCENDING TRIANGLE PATTERN.
3. There is resistance at 3350, which it is trying to break.
4. There is a breakout on Daily chart with good volume.
5. However, let it sustain the breakout on the weekly chart as well and wait for...
SL - 2776 (closing basis D)
SL 2 - 2649
Target - 3650
- The script respects 50EMA on W/D
- Short term downtrend structure
- Parameters turned positive
- can observe BREAKAWAY gap
- Broke short term down trendline with RSI divergence supporting it
- Breakaway gap was supported by decent VOL surge
- Can wait for retest to the upper range of...
Banknifty got stuck in a consolidation zone . the way it kept recovering from days low and getting stuck in upper resistance makes a break away GAP high probability on Monday
A breakaway gap occurs when the price gaps above a support or resistance area, like those established during a trading range. When the price breaks out of a well-established trading range...