Major Resistance Breakout seen in BSOFT with high volume.
Buy only if the high of the breakout candle is broken.
Target a 1:1 ratio first. Then, if you want, you can keep 25% of your position for 1:1.5 target.
Buy levels: 181-183
Stop Loss: 149.3
First Target: 212
Second Target: 227
****Disclaimer****
Trade with risk management but don't get afraid of taking risks because the winner is who BETS as well as never gets short of CHIPS...!!
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Chart Structure Show Bump and run reversal pattern ,but false breakdown was happened in last Friday 24 th july and Slight formation of inverted Head and Shoulder Pattern.We should waiting true breakout which is above 105.25 on Monday for better entry of safe target 108.
Price is near its 52wk high, facing stiff resistance. Price may consolidate here for sometime before moving higher. Volume is good compared to the past few days. Stock had moved 10 points from its previous breakout, still stock has potential to move further if it sustains support zone and break its 52wk high. EMA crossover for the shorter period is another good...
My first analysis ever, please be gentle :)
There are 4 forces at play -
1. Strong trend line starting from mid-march when lockdown began in India
2. Upcoming earnings call around Jul 22
3. Previous resistance around last earnings call
4. 50 DMA & 200 DMA show long position is beneficial
Summary:
BIRLASOFT is moving strongly along a support line building up to...
BIRLASOFT (INDIA) LTD
BSOFT gave a breakout above the SUPPLY ZONE in the Hourly chart and had faced some resistance from the top.
RSI is still Bullish.
****TE BANDS are BULLISH****
Once it brakes the high of the last day, the stock will swiftly move to 86.40.
Next Resistance - 86.5 & 91
Nearby Support - 79
#tradingedge_academy #SMTA_institute
***this is my...
