The stock has formed ABCD and reversed as per PRZ.
Today's doji is indecisive which is exactly at 23.6% fib retracement.
Go long if the price breached the High of doji candle (above 1063) with SL at low of the candle (1050).
Target 1 - 1084
Target 2 - 1102
SL - 1050
Entry - 1063 above.
The sock is up, opened 1139.80, crossed 1147 resistance and made a high 1164. It moved quite fast and approached near resistance area so I should plan for a short. Waited for the signal candles A + B and placed a sell order below B (1156). I got in but the Stock took a turn and head higher in candle C.
Looked at the Tape, huge selling bids @ 1162 which the buyers...
NSE:COLPAL READY for 1100 ?? BB contraction AND THEN EXPANSION IN LAST hour of trade , where entire market sold off . Stock closed on day highs. Was in the demand zone for a long time i.e. 50-61.8% fibonacci level. huge Spurt in volumes contributing to it.
The Dual Breakouts are one from Triangle & next in terms of channel on higher timeframe.
i) You can trial stops & ride more upside if Colpal gets bullish
ii) On larger Timeframe it will be channel, so channel breakout possibility also there
If all goes well, we are in for treat with this colpal breakout.