Cartrade Tech (nse: CARTRADE) stock is near its trendline breakout on the weekly timeframe, indicating a potential momentum. It's not perfect, but looks like a cup and handle pattern.
In previous update in Sep 2023, we mentioned that stock has confirmed an Inverse H&S confirming Trend Reversal.
The stock still continues to maintain its uptrend and is now finding support at the important horizontal zone 695-725.
Price is now initially expected to test 1130, with optimistic target extending to 1600.
Bullish view remains intact as long as...
Buy CarTrade between 720-740
SL 695 (35Rs)
Target 1: 783
Target 2: 825
Target 3: 872
Trade as per your risk taking capacity
Breakout rested and ready for up move
This early entry, safe traders can enter after trendline breakout . i.e. above 750
Some activity in Cartrade. Need to watch closely. Monthly Closing above 730 may show us a big rally. It can be caught for 10%+ run in a small time period.
Introduction:
CarTrade Tech Ltd. operates an online marketplace for new and used vehicles. Its brands include CarTradeExchange and MotorExchange. The company was founded by Vinay Vinod Sanghi and Rajan Jitendra Mehra on April 28, 2000 and is headquartered in Navi Mumbai, India.
Analysis
A Bullish Flag and Pole...
🟢2D chart indicate capitulation and volume explosion near 420
🟢Stock has good support near 485 and entering stage 2 uptrend
🟢It has given buy signal at 563.90 on VSA Momentum indicator.
🟢Will buy at CMP & add more on declines near 500. SL= 485 WCB
🟢Above neckline resistance of 585 its likely to start fresh uptrend
The stock has formed a base and has broken out of it on the weekly chart. One can look to enter once it breaks 899.65 i.e the previous weeks high for confirmation or wait for it to retrace to the levels of 750-800 since it has already moved more than 25% in the previous week. The targets that can be seen are 990-1150-1300 on a positional basis with a sl of 690 on...
CARTRADE
Strong Weekly B/o
CMP 680.75
entry price 635-650 range
Sl 530 Weekly closing basis
Closing above 720 will bring strong action
towards 820/900/980
expecting same in 6-9 months time
Good to avg if holding from IPO
15th Oct 23
Do your analysis before investing
--flag and pole pattern breakout
--Retest done
--Targets and supports are according to FIB
Disclaimer:
- The view expressed here is my personal view
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk...
it has reached key resistance level.
730-810 will be the resistance price band.
close above this level with good volume, brings the stock into stage-2.
already gave 100% rally from the recent bottom.
relative strength compared to NIFTY.
daily RSI swungs between 50-80.
CARTRADE attempted a long term BO, volumes are not huge but certainly above the last 50 day average. Base is a long term one so the BO might be strong if week ends with good volume. Definitely should be in watchlist for now.
![CARTRADE: CARTRADE Attempted BO [DAILY]](https://s3.tradingview.com/4/4CiqDGw6_mid.png "CARTRADE Attempted BO [DAILY]")
