Rationale to go long once the box is breakout. Only concern is trading below all imp averages. Holding it for 2-3 years, expecting 1st target to come in 2 months time frame.
1. Previous accumulation zone (see two boxes)
2 RSI positive divergence
3. No selling pressure or volume.
4. Trading in a box -
The price has beautifully respected the 0.618 fibo level and made a strong bullish candle with very high volumes.
If it crosses the ATH, we can expect 700 target.
NSE:SOMANYCERA
Multiyear Breakout on weekly time frame.
Good to get entry only if stay above 715. It still faces resistance from higher level.
Let's see if it can stay and close above 715 in next week.
Descending Triangle: Target: 327; confirmed with breakdown. SL: 440. (basis 4hr charts)
Disclaimer: I am a novice in the markets, so please don't construe your trade basis this chart. I post it to see if my views holds true.
