Steel Authority of India Limited - Pennant pattern breakout + Hidden Bullish Divergence
Stoploss below the upper trendline
Target 1 @ 152, which is a key level
Target 2 @ 170, which is a key level
Target 3 @ 190, which is the price projection
Target 4 @ 205 which is a key level
Note: It has made a breakout last day and the price came back to the...
1. Bullish market structure
2. Volume expansion
3. Trendline breakout
4. Falling wedge pattern
5. Flag & Pole formation
6. Support zone: 117-120
7. Target: 151, 169, 178, 192. Stop loss: 119
You are always advised to use an appropriate Risk-Reward ratio as per your strategy.
P.S: This is NOT investment advice. This chart is meant for...
>A good breakout above a multi year strong resistance of rs100 and a good consolidation at 38.2% fib level and retest of 50EMA.
>A long position can be initiated between 122 to 130 for a target of at least 30% with a stoploss of 115
>A favorable risk reward ratio of above 4
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🔥 Strategy :
✣ Channel pattern breakout on 1M chart
✣ Good monthly consolidation and weekly too
✣ On a weekly basis good retracement of 30% multiple times tested near that level
✣ Good triangle pattern on 1hr and 1d both ( Trade on TF whichever suits your setup...
SAIL in 1hr time frame going to have a breakout, so give an entry with appropriate Stop loss
Aggressive traders enter at the breakout and conservative traders may give entry after retracement
After reaching our targets, trail your stop loss to get maximum profit from the stock in a single trade
***** It's just for an educational purpose and so you...