1. Price formed rounding bottom pattern and brokeout.
2. Retested the breakout during the market correction period.
3. Took the support at EMA 50.
Entry : 440
Target : 500
SL : 408 (Weekly closing basis)
GNFC: CMP 485.95 - Weekly Chart = Bullish for Long Term
Perfect Rounding Bottom in GNFC Indicates Possible Breakout
Running Pattern : Rounding Bottom
Trend : Bullish
Important Support 451.00
Target : 505-518-525-547.50 ATH breakout 548.50.
CMP : 485.85
Buy@ 491 Stop loss 471.00
The analysis is done on 15 minutes TF hence price may achieve targets in a day or take a few days.
Trade setup is explained in image itself.
The above analysis is purely for educational purpose. Traders must do their own study & follow risk management before entering into any trade
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A very smooth and curvy reversal of weekly trend.
A successful retest and breakout of previous high will give momentum to the stock.
MACD & RSI indicator is very positive.
Its above 20 & 50 MA.
I am very confident on this trade in a long run.