Round Bottom Breakout possible!
Buy above 37.25
T1 of 43 (short term)
T2 of 53 (long term)
SL of 33 or asp per your risk appetite
Please do your own analysis before making any decisions and also let me know if I missed something.
Let's learn together .
GMRINFRA is looking good for a target of close to 34. A strong close above the 50-EMA, triple bottom with strong support at 27.35, MACD and RSI – all these indicate a significant upside potential. I would buy 50% of volumes at the current price and rest 50% once the price crosses 30.
Its an amazing sight to see patterns and mathematics following each other so beautifully. GMR Infra is following an ascending channel. I have marked two channels, one in dotted line format (inside channel), and the other one in simple line format.
After March 2020 downfall, it has made a peak which is close to extended Fibonacci level 1.618. I have used two sets...
This is a possibility of ABCD harmonic pattern formation . Risk takers can enter with Stoploss of 27 for a target of 35.5 or short near 35.5 with 37 as stoploss for 31/27.5 Targets .
Note : Idea is strictly for Educational Purposes.
>Good consolidation after breaking out of a inverse head and shoulder pattern on daily as well as weekly chart
>Breakout with huge volume
>A long position can be initiated @32 with a stoploss of at 30
>Favorable risk reward ration of above 2
GMR infrastructure has taken a clear breakout and retracement on this position, so give an entry with appropriate Stop loss
This study is for equity delivery trade and not for FO positional or intraday
***** It's just for an educational purpose and so you must also follow your own technical analysis before taking up the trade ******
TREND ANALYSIS & TRADE SETUP !
WAVE ANALYSIS !!
Follow Chart Instruction.
Do not be Hurry for entry.
Wait for Proper Entry Setup.
Buy/Sell with Best Risk Reward.
Educational Chart Only.
Wait for ENTRY CONFIRMATION !
Risk:Reward: 8-10 times.
Honest technical gurus are bullish on this and I do agree. The stock is now flying after successful retest of the support.
Targets: 38, 47, 57
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