A beautiful Chart Pattern visible on charts which can give breakout soon. Keep watching this stock as it is also a potential smallcap Future Multibagger of 2022.
If entered smartly one can capture a minimum 20-25% upside move in this stock or even more.
This IT small cap near debt free stock has broken out from a long consolidation with huge volumes.
A low of candle below moving average can be positional stop loss on daily.
The momentum is bullish, trend is bullish with rising strength ,sector is bullish.Bollinger bands
expansion also shows the breakout.
Price is consolidating in tight range from last 1.5 month. One can add this to watchlist to track for upper breakout or down breakout and price retesting support line.
1) Upper breakout with volume for long position
2) Lower breakout and price taking support and reversal
👑 Terms used if you don't know :
✣ Contraction pattern: A pattern starting with a broadening high candlestick and low candlestick and converging to a fixed point, these highs and lows created in between them are bulls vs bears fight going on inside the pattern and if it comes to the lower part of it, surely bulls will take it to the topmost point and vice-versa...
👑 Drop a follow here: @Averoy_Apoorv_Analysis 👑 ----------------------- 🔥🔥 Target: 2000 Followers 🔥🔥
🔥 Strategy :
✣ Parallel channel breakout on the D chart
✣ Beware of Monthly resistance near these levels ( IMP )
✣ Nature is swing trade and Risk and entry depends on you :) as per your thinking and capital
✣ again turned from 50dema
✣ Settled above good fib...
🔰 MY thought process :
⭐Ongc making higher lows and getting good buying zones inside the pattern itself too
⭐The stock is getting rejected from the same levels too = Aggressive Sellers
⭐The stock is getting good support too at marked areas = Aggressive buyers
⭐a small day trendline is created by me on the charts = its break can be our good entry
⭐Risk is the...
Buy if it comes out of this range . A big green candle is the sign for A go go :)
Remember : Buy only on Days closing time near 3:25 ...
Also don't risk all the capital . the % of the candle should be your SL and take position likewise