LICI (pitchfan tool)LICI 6 month breakout with stock made ATH .
The chart shows the price movement of Life Insurance Corporation of India (LIC) on a daily timeframe. Here’s the analysis for swing and long positions:
The chart displays several trendlines which show the stock's downward and subsequent upward movement. The breakout above these trendlines indicates a shift from a bearish to a bullish trend.
Support and Resistance:
Support Levels: Around 950 and 1100.
Resistance Levels: Immediate resistance around 1200.
Volume Analysis:
Increased volume at the points where the price has moved upwards from the demand zone indicates strong buying interest at these levels.
Breakout Confirmation:
The stock has broken out above the trendline resistance and is showing strong momentum upwards, indicating potential for further gains.
for Swing Trading
Entry Points:
1) Breakout Confirmation: Consider entering a long position on a confirmed breakout above the immediate resistance level (1200). Ensure the breakout is accompanied by strong volume to confirm the strength.
2)Pullback to Support: If the price pulls back to the previous support level around 1100, consider entering a long position with a confirmation of a bounce back.
Targets:
1) Primary Target: Around 1300. This can be a target for taking partial profits or setting a trailing stop-loss.
2)Secondary Target: Around 1400. If the stock shows strong upward momentum and volume sustains, aim for this higher target.
Stop-Loss:
1) Initial Stop-Loss: Place a stop-loss just below the support level around 1100 to manage risk in case the price moves against the trade.
2) Trailing Stop-Loss: As the price moves in your favor, use a trailing stop-loss to lock in profits and minimize risk.
Market Conditions: Keep an eye on broader market trends and news that might affect the stock price.
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