As seen UPL has broken out of symmetrical triangle with volumes on the daily chart yesterday . Also, it is bullish in the larger time frame.
CMP-732.5
Expected Levels- 830
SL- 658
Traders can wait for a re-test of the breakout levels in order to have a small stop loss and a favourable risk reward ratio.
UPL price action is now at a unique position. On one hand it is at all time highs trying to breakout above 720 but also formed a bearish AB=CD harmonic pattern.
Which one will prevail?
Breakout - if price closes above 720 & sustain further
Fakeout - If price closes below 720
Let's wait and see price action & see if we can enter Long or Short.
It is been observed on hourly chart that the price action breaks out from the resistance level of 705-710 and interesting close above the resistance levels indicating a bullish and positive move ahead.
Target: 730
Stoploss: 690
The price action breaking out from a consolidation and it may reach to previous resistance level of 667-662 which may now act as support.
Target: 667
Stoploss:691
