L&T infotech : double bottom breakout in progress. Momentum and trend bullish on all timeframes .
latest daily candle is open = low bullish pattern and likely to trend up.
stop loss could be close below breakout neckline. trailing could be done on daily trendline breach and close also could be indication
for short swing trades.
This is for Positional Trade
Mothersumi is forming double bottom pattern same like it did before.
I have marked the formation of double bottom pattern and also the previous formation of it.
You can take position once the neckline will get tested for support. And then it will be easy target of 35-40 points up move in just couple of days....
Daily on 28/Jun/2021
double bottom strategy, bounced back from supply zone, closed above 20 EMA and near trend line
Entry 263.85 (with green candle confirmation)
SL 263.85-19.4 = 244.45 (SL based on ATR)
(Risk and Reward ration 1.4)
- Fundamentally strong company
- Breakout from a consolidated range showing a double bottom pattern
- Buying pressure indicated by the long lower wicks
- Breakout is supported by volumes, however it seems there is huge selling at 2130-2170 range but the net price change on the day is still +ve
- Don't chase the stock as it might correct a bit and a good entry can...
As shown in chart, it formed double bottom pattern and gave trend line breakout + retest.
It may face this resistance.
Feel Free To Ask For Any Technical/Fundamental Query
Educational Purpose Only.
Price making double bottom and nearing towards the resistance levels. If price closes above 2500 levels then the pattern breakout will add 500 more points to the script ( as shown in the figure).
The first stop would be 2444 and the next would be 2500 then it will be unstoppable I guess. Lets see it in action !!
If you find my analysis helpful . . . . . Please...
In today's Trend it has been observed that the Script has touched and faced a hurdle at this Trerdline near 470 and could not sustain. the Stock has made Double Top and Double Bottom Format so now it's positioned at a stage where it can give a Breakout or Breakdown.
So be Long if Crosses 475 for the Targets of 480-485-490 Targets.
Go Short if Sustains below 456...
On Daily charts we can see the stock at break out level. So we can take the long entry above 550 for the target level of 575 . We can see the minor hurdle in stock at 564 level so be cautious at this level. Also we can double bottom pattern is visible in the charts. so add the stock in your watch list for next trading session.
Always do trading as per your Reward...
Double Bottom pattern observed in Tata Chemicals. Neck level was broken in second week of May thereby confirming the pattern. The recent fall could be counted as neck level retesting. In that case the stock will move up to 672 where the pattern target falls. However, a trendline still holds and we could see noticeable resistances at 635 and 658. A break above 635...