Titan forms a bullish rectangle pattern with strong breakout. The target has been given based on the size of the rectangle formed. Target expectation is around 1786
any side of breakout can give good move once our view is clear. for this type of market condition we can do mean reverting strategy with small risk and good reward
Notes:
- The Scrip was in a channel consolidation ever since 3rd Dec 2020 (220 point range roughly)
- It has tested the upper bounds of the channel 4 times in total
- Currently, the scrip is consolidating and testing the upper bound of the resistance zone (at around 1615-1620 ). Because of the consolidation, I'm slightly bullish since the last three times it...
After a long consolidation titan broke the resistance
Wait for it to retest near 1620 to 1630 for the entry
Target: 1780/1800/1820 (consolidation depth is 170 to 180 points) => 1630 + 170 = 1800
Stop loss: 1550 (below the pullback from the resistance)
After a very sharp uptrend movement, stock is consolidating sideways for a long time and now rejected candle at major resistance.
Traditionally, all the indicators are indicating that after a uptrend followed by sideways trend there is a downtrend with lower highs.
If the major resistance is break with high volumes we can see further upside movement.
If the...
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Good to go long in Titan as it breaks resistance of parallel channel after many days . Conservative traders can wait for retest and take position .
Disclaimer: All charts are purely for educational and information purpose only. Invest or Trade at your own risk.
ACCUMULATION REGION:
Using Volume Profile one can identify probable accumulation or distribution regions by comparing the historical Volume at Price and current Volume at Price. Most of the times a breakout/breakdown from the region confirm accumulation or distribution.
In Titan since the rally began, current volume levels are comparable to previous volume...
Stock has given breakout ... ---> keep in watchlist
Can be traded using opening range breakout on 15M / 30M chart
use basic pivot .
def buy if stock comes back to retest --> make sure to place a buy order around @1630
