CASTROLIND - Head & Shoulder pattern breakout - Swing TradeThe analysis is done on daily TF hence price may take few days to few weeks in order to reach the targets.
Trade setup is explained in image itself.
The above analysis is purely for educational purpose. Traders must do their own study & follow risk management before entering into any trade
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CASTROLIND trade ideas
CASTROLIND - Ichimoku Bullish Breakout Stock Name - Castrol India Limited
Ichimoku Cloud Setup :
1). Today's close is above the Conversion Line
2). Future Kumo is Turning Bullish
3). Chikou span is slanting upwards
All these parameters are showing bullishness at Current Market Price
and more bullishness AFTER crossing 132
#This is not Buy and Sell recommendation to any one. This is for education purpose and a helping hand to learn trading in Market.
# Cloud Trading
# Ichimoku Cloud
# Ichimoku Followers
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CASTROL INDIA LONG-TERM SWING TRADEHello, castrol india long-term swing trade buy: 105 target: 214 stoploss: 98.
LOGIC BEHIND TRADE: Stock is trading on monthly support on 1w chart formed bullish candle above high breakout buying strategy (target identified from harmonic half bat pattern level 0.58) stoploss is taken low of bullish candle, RR looks good in stock. NSE:CASTROLIND
bullish harmonics buy castrolind : cmp 105.85
trade setup :
1. buy in range 106 to 102
2. keeping 90 as stoploss on closing basis
3. targets : 128 / 142 / 158+
technical set up :
1. buy based on bullish harmonics pattern
2. fibonacci retracements levels of .886
3.price reversal from strong multiple support zone
4. value buy in sector
5. debt free company
6. strong consistent Q ON Q results
Positional or Longterm Opportunity in CastrolGo Long above 126.3 for Targets of 139.65, 153, and 166.35 with SL 112.95
Reasons to go Long :
1. On a Weekly timeframe if we draw the Fibonacci retracement tool from recent swing low (point A) to recent swing high (point B) then we see stock took support from 0.618 Fibonacci level.
2. Also a bullish candlestick pattern Bullish Hammer (marked with orange color) is formed around 0.618 Fibonacci level.
3. In addition to this the stock gave Trendline breakout on a monthly timeframe & is retesting the same Trendline.
4. There is a trendline (marked with red color), which is providing resistance to the stock so we have placed our final target just below it.