Sustained breakout above resistance level in 4h timeframe signifying potential of sharp upward movement in Spencers. Entry at 128.80 & stop loss at 113 with risk reward 1:2 may be good trade.
A strong channel breakout and support taken at retracement adding a conviction to enter long at 417.50 level with stop loss at 390 and expecting to hit 489 - 500 level.
Chart is self explanatory. Entry, Targets and Stop Loss are mentioned on the chart.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
On the longer term weekly charts, the price is showing a break out from its major resistance zone at Rs 97-100. This zone is the 52-week high and it shows that the stock is reviving from a major accumulation phase. Appearance of a series of green candles in the last several weeks show buyers are in control of the price action. On the daily time frame, price is...
Medium Term Trade: Spencer's Retail is on the verge of breaking out of an inverted head and shoulders pattern.
Buy: Spencer's Retail
CMP: 84.85
Target: 100-105
Stop Loss: 79
Holding Period: 2-3 Months
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