CUP & HANDLE BREAK OUT AT 214 PRICE LEVEL.
APPEARS HEAD FORMATION IS HAPPENING WITH A PRICE TARGET OF 267.
FIBONACCI LEVELS SUPPORT THIS REASON.
INTERMEDIATE RESISTANCE WILL BE 236 LVLS.
STOP LOSS CAN BE AT 215.
Weekly Supertrend in the green = bullish
Daily William%R coming back from oversold range = bullish
Stock bouncing back from near 50% retracement level = bullish
Support taken just below the previous resistance level of 215 = bullish
Buy with a stop at 209 for the target of 240 and above
NSE: Aditya Birla Fashion Possible Breakout above 215
After consolidation from August 2018 to Jan 2019, showing signs for breakout
The brief range of consolidation from low of 160 to high of 215
Possible Long at current level with stop loss of 190 and target 228, 236 and 249.
Time frame looks 4 weeks
A point where i can look for bear trap is 216-17 ! if a clear breakout then we are heading higher but less chance. the megaphone (small) could still insist of touching lower end of the channel after this good run. this is simple and clear !!
this stock is ranging since it is listed.
currently, it's at a level.
if it breaksout then can take a swing long position.
if not and showes 2 red candles on weekly charts then go short .
in both cases, i would take a swing trade.