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BIRLASOFT LTDBIRLASOFT LTDBIRLASOFT LTD

BIRLASOFT LTD

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BSOFT trade ideas

Birlasoft - Rounding bottom breakoutRounding Bottom is a reversal chart pattern. This pattern is an indication of the end of the downtrend and the potential beginning of an uptrend. Price and volume are considered key indicators for identifying and confirming this pattern. The rounding bottom pattern can last for any time frame including days, weeks, months, or years with longer time frames. Generally, this pattern is an indication of a bullish future for the assets traded. This pattern has a relatively high success rate. However, it is rarely found. This pattern resembles the double top or triple top price pattern. The cup and handle chart pattern is one of the variations of this pattern. The main difference between both the patterns is a bearish pullback at the neckline in the cup and handle chart pattern. How does a rounding bottom work? The market behaviour behind the formation of rounding bottom pattern is inverse to that of rounding top pattern. During the beginning of the formation of this pattern, the stock price continues to fall. The reason is the lack of buyers for the stock in the market. As the price falls, traders start showing interest. This reduces the pace of price decline. The price, then, stabilizes for a time as more buyers start showing their interest. With the increased rate of buying, the stock price starts increasing. The buyer’s willingness to pay a higher price for the stock tends to start the uptrend. This results in the formation of a rounded shape that looks similar to ‘U’. How to trade the rounded bottom? To trade with a rounding top pattern, you need to be patient as it can take quite a long time to develop. This pattern is said to develop when the decreasing price trend stabilizes for some time, and then begins to increase. This confirmation is strengthened when the volume traded is higher on the decrease, flat on stable price, and increasing on the price. Once the pattern is confirmed, the next step is to draw a neckline. A neckline is a line connecting swings in a pattern. After a point where the stock price crosses through the neckline, the traders can think of booking a long position. Some traders also set stop-loss limits while going long. Once the price hits the target, traders look to exit their position. In a summary, the rounding bottom pattern is formed when the price of security decreases to a new low, then moves horizontally and finally, increases. Thus, it takes the shape of a rounding bottom. If identified correctly, this rounding bottom pattern can safeguard traders from selling in a potentially unfavourable market. In fact, it helps the traders to take advantage of huge profits. Birlasoft has formed a rounding bottom pattern, and next target can be 889 Kepp stop loss as 666 on day close basis
NSE:BSOFTLong
by yogesharora2409
BSOFT - Long Setup, Move is ON..NSE:BSOFT ✅ #BSOFT trading above Resistance of 672 ✅ Next Resistance is at 790 Related charts: Charts are self-explanatory. Levels of breakout, possible up-moves (where stock may find resistances) and support (close below which, setup will be invalidated) are clearly defined. Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
NSE:BSOFTLong
by Sandeep_Aggarwal
Cup pattern BreakoutThe stock recently broke out of a cup pattern, and this breakout was accompanied by noteworthy volume accumulation that occurred before the breakout. The presence of good volume accumulation implies a gradual build-up of interest and buying activity, reinforcing the significance of the subsequent breakout. Traders and investors often find cup pattern breakouts with prior volume accumulation compelling, as they suggest a well-supported and potentially sustained upward move in the stock.
NSE:BSOFTLong
by nsdtrading