HAVELLS stock price has formed a ascending triangle breakout at 520 in weekly chart, ready for target of 610+ by keeping stop loss at 490 just below short term support zone.
1. previously we can see the cup and handle breakout.
2. indicators are positive.
We are going to trade within channels in Havells, as you can see the channel offered very good support area, so on bullish reversal expecting Havells to move upside and there is very good risk :reward which is cream on cake for us who are concerned more about the risk, than potential rewards.
Happy Trading !
The stock has had a very good rally.
Now it is above the previous swing high but below the major swing high ( which the previous high couldn't reach to ) that occurred in October last year which is a major barrier for it to move higher.
Watch how it behaves from here and trade accordingly.
We need to identify setups before the moves happen.
Havells trading in range of 344 to 330
if it breaks 348 (now resistance) then may move UP to 362 which is 0.382 % of Fib Retrace to 460
above 360 it may test 380 which is 505 retracement
SL = 329 (if it breaks the trend line)
The Stock has formed a beautiful Flag pole and consolidating forming a flag. One can see a breakout in coming days closing above the flag gives a beautiful long entry and one can look a target of above 490 on breakout. It gives a good risk to reward ratio. Specially this flag formed a good flat base which performs better. I would go long i when it starts trading...