Hello Traders! Today we're revisiting our analysis of Westlife from June 6, where we discussed the breakout of a Head & Shoulder pattern. Let's dive in!
On June 9, our suggested entry triggered at a retest of the H&S breakout at 825 .
From that entry point, the stock rose to a level of 1024 by September 8 — a gain of nearly 27% .
🙌 Welcome to another educational analysis, where we'll discuss the recent breakout of WESTLIFE from an Inverse Head and Shoulder pattern. Please note that this analysis is for educational purposes only, and I am not a SEBI registered analyst.
📊 Key Details 🚀
WESTLIFE broke out of the Inverse Head and Shoulder pattern on June 1st with significant volume, reaching...
For traders with moderate risk appetite, this can be a good trade.
Has shown volume, volatility, and momentum on all time frames.
With RR of 1:1.5 I would trade it as follows if it shows a strong upmove in 15min chart and my levels would be as follows:-
Entry price: 576
>A 52w high breakout above resistance with huge volume and a retest of resistance
>A buy trade can be initiated between 530 & 550 for a target of around 610 in short to mid term with a small stoploss of 520
>Favorable risk reward ratio of around 5