Breakout of crucial level is important indication of higher prices to come.
When such breakout creates all time high it means that market participants are now willing to pay higher prices.
A retest of earlier resistance from above creates good buying opportunity for investors. Here there is low risk and high return. Also success probability are high for such setup.
Torrent Power Ltd - short term
Nice breakout, traders keep this stock on your radar to catch the Momentum.
Buy above 647 | Tgt 668 | sl 630
It is my view and trade your own analysis
Long Torent-power after the BO of resistance area above 642 for the target price of 722 with the SL of 615. On the daily chart, the stock has been forming the W pattern & taking the support of the 50 EMA level. This is for your educational purpose only.
Long after the break out only. High probability that this time stock is going for a lifetime high. It seems the long consolidation period is going to end soon. Keep the stock on your watchlist. This is for your educational purpose only.
📈 Exciting Bullish Pattern Alert! 🐂
📊 Pattern: Channel, Breakout and retest.
📌 Symbol/Asset: Torrent Power
🔍 Description:
Moment Stock with breakout and retest
👉 Remember: Technical patterns are just one piece of the puzzle. Consider conducting further research, consulting with a financial advisor, and managing your risks appropriately.
Following Observation in Torrent Power.
1. Broken the Resistance R1, R2 with Good Volumes
2. Retracing back to broken Resistance which may act as Support, Change in Polarity concept.
3. While retracing back selling volume is less.
4. Fundamentals are also quite good.
Note : it's just my Analysis which could be wrong too, not any buy or sell recommendation.
The stock hit a fresh 52-week high of 610 on 22nd Aug 2022, but failed to hold on to the momentum, falling about 29%.
It then took support at the lower trendline of the wedge pattern , gave a confirmed breakout from resistance trendline on 2nd March 2023, thereby bounced back from a 52W low of 430.85 to an intraday high of 550 on 17th Jan 2023, rising nearly...
Candlestick Chart Pattern - Shooting Star
Relevance - It is a reversal pattern after a bullish/bearish momentum gets exhausted in the market.
The above chart is for observation and learning purposes only.
