Breakout at daily TF done Pull back on hourly Tf done Currently stock is active on hourly TF from 668 Sl below 650 area on CBSL (hourly)
You'll be surprised to see if you go in back date till now , the stock trades close to its 50 MA... So buy when it touches the 50 MA line, short term holders can trail their stop losses in line with the 50MA ~for educational purpose only~
* After a long consolidation finally breakout happened in Sonata Software with High volume.
UNDERSTANDING TRENDS THROUGH PATTERNS, SUPPORT AND RESISTANCE .
Sonata software is a small cap stock, probably thatswhy rally came slightly later. In previous day session it has broken 1. its long term trendline resistance 2. its recent swing high zone 3. absorbed the whole candle of 31 Aug 20 Currently above 200dma and breakout came with good volume. Buying near 330 can be a good bet, SL 320 First target 350-352.
Note: This is for educational purpose only There is a ascending triangle bullish breakout with ultra high volume. RSI is showing breakout as well. Moreover, RSI above 65 indicates bullish momentum.
CMP = 226.65 Above 227 Target 1 = 235 (4%) Target 2 = 255 (12.8%) SL = 220 (3%)
SONATSOFTW Announce result MAY 11 Expect COVID-19 Impact (180-190) Zone Is 0.618% Retrace So keep watch Breakout Or Not Then Enter Trade Disclaimer: The information contained in this presentation is solely for educational purposes. Does do not constitute investment advice. I may or I may not take the trade. I am not responsible for any liabilities arising...
Positional traders & Investors avoid buying at current levels. Recommended buying levels (130-150) Stop Loss: 112