from last 2 years orient electri is consolidating and forming some good structure for future positions if stock break 220 market price level next target be like 280
Some of the Consumer Durables Voltas, Symphony, Orient, Prestige, Crompton etc. are in sideways or accumulation from few months while Havells , Bluestar on uptrend.
This may be a start of up move or a bounce before a downtrend.
Orient Electric accumulated for few months, gave a break out and retraces with out volumes suggest an up move. SL 215.
-Triangle breakout with very high volume and retest done
-currently 50 ema is reacting as resistance but should break it easily
-strong support from lower level
-keep in radar it can give 25-30% return
After a two year consolidation from Dec 2021 - it seems Orient Electric is breaking out with volumes and its probably the start of wave 3.
The many narrow range candles in the weekly chart, the 0.618 levels of the previous impulse move, and the ending diagonal indicates that the complex correction is over.
Orient Electric has broken out with a good green candle...
Idea is Simple Invest in stocks which Breakout with Volume.
Rather than targeting 20% to 25% profits for most of your stocks, the profit goal is a more modest 10%, or even just 5%.
Rule 1 : Respect Target & Stoploss.
Rule 2 : Hold the Trade until the Rule 1 is not met.
Rule 3 : SL on Day Close Basis
Rule 3 : On result day trail your SL at 15Min Time Frame
NSE:ORIENTELEC Stock trend reversal from the best bottom support level of 215 rupees.
Buy sustain above the 225 rupees.
First Target is 238 rupees.
Second Target is 250 to 260 rupees.
stoploss is below 210 rupees.
In the Weekly Chart of ORIENTELEC ,
we can see that, it has mad a Decision Making Candle.
Possible momentums are shown in charts.
If it breaks the Candle's high, this will called as W Pattern breakout.
If it breaks down, it might test the lower levels again.
In the Weekly Chart of ORIENTELEC ,
we can see that; after channel breakdown, Decision making Candle is formed near Big Cup & Handle Trendline breakout.
Possible momentums are shown in chart.
Enter on breaking its HIGH with LOW as SL.
Welcome to the new week, See the chart you will find good price action for up move in ORIENTELEC
#SwingTrading
#Breakout
#PriceAction
Disclaimer: This is for educational purposes and not a recommendation. Analysis Posted here is just our view/personal study method on the stock. Do your own analysis or consult your financial advisor before making any investment decision.
In the Weekly Chart of ORIENTELEC ,
we can see that; it has given Cup & Handle Pattern Breakout.
Let it retest.
Enter on retest at 245 with SL as 234 and target as 288-290 .
Book profit with 1:5 Risk Ratio at 288-290 and exit.
