we are seeing in this stock that it made bullish pennants repeatedly.
>And it gives a fresh trend line breakout.
> ** are showing in the chart that, from that line the price can go for a backtest. So don't be panic.
>The TP is only first target. there are a lot of chances of breakout.
>> After target price breakout we have to take trailing stop...
if monday candle gives a brekout then play for a buy move.
>previous day candle's low is stop loss.
>Next resistance is TP.
>IF RESISTANCE ZONE is also breached then use trailing stop loss.
FLAG POLE PATTERN
MOIL LTD NSE showed a bullish trend in last one and half year.
We can see that the chart make Impulse-correction-Impulse pattern.
The trend is bullish in daily chart.
1. The price chart is making higher highs.
2. But the RSI making lower highs.
3. The 2 hourly chart shows a downward trend.
1. By chart action we can...
Tata chemicals showing a long time consolidation.
Before this consolidation there was a long bullish trend.
My thought process and chart pattern are saying that it will again go on a bullish trend .
We know that for Electric vehicle by Tata motors , Tata chemicals preparing batteries.
And there should be a great success.
So dear traders...
In this stock there is a cup and handle breakout pattern is formed.
As we can see that we can buy this stock at breakout.
Formula for take profit--
Breakout price+ (highest of the either side of the cup - bottom of the cup )*50%
= Bottom of the cup
Cup and handle breakout pattern is here .
If it gives a breakout then right time to buy.
Set a stop loss and take profit before putting a trade.
My take profit formula-- Bulkowski's formula
= Breakout price+(highest price of either side of the cup--lowest price of the bottom of the cup)*50%
My stop loss-- bottom of handle
There is flag pole breakout pattern.
Set take profit -- Tgt 1 (129.55)
Stop loss-- 121.95(because if it gives breakdown at this price then the chart can also follow the decending triangle pattern and we can also play a sell move on this pattern)