Turbo Breakout in SCHAND NSE:SCHAND
S Chand & Co. Ltd. engages in publishing and trading educational books. It operates through the Domestic and Overseas geographical segments.
Timeframe - Day Chart Analysis 🧐
🔹View: Breakout of range.
🔹Structure: - The stock has been in a range from the start of March 2024 and now it has taken support of the weekly trend line and moved above 200 EMA.
- It should give a breakout soon as the earnings are due in a few weeks.
-RSI Forming a bullish divergence.
- Volumes are low on downfall moves and up moves are on good volume spikes.
🟢Entry: I am considering Two possible entry scenarios
1st - Buying above the last four days range @255 This would be regarded as an aggressive entry.
2nd - Taking a breakout entry above the range 256, That's a breakout of the extreme range which is a horizontal resistance and inverse head and shoulder pattern
♦️Risk : - Stop should be kept below the recent swing low at 225 on day candle closing basis.
🎯Targets:- Target levels are marked on the chart With blue line based on Fibonacci retracement zones.
Detailed analysis on chart Study it and mark levels on your chart
