Entry:
A breakout above the resistance level around ₹725 is likely to confirm the Cup and Handle pattern.
Consider entering the trade on a strong breakout above ₹725 with volume confirmation.
Target Price:
The height of the cup is from ₹480 to ₹725, giving a range of approximately ₹240.
Adding this range to the breakout level of ₹725, the first target could be around ₹960.
Stop Loss:
Place a stop loss slightly below the support level, around ₹680, which is near the handle of the cup pattern.
Risk-Reward Ratio:
Target Price: ₹960
Entry: ₹725
Stop Loss: ₹658
This setup provides a decent risk-reward ratio of approximately 5:1.
Additional Considerations:
Monitor the volume closely. The breakout should be accompanied by higher-than-average volumes to confirm the move.
Keep an eye on broader market sentiment and any relevant news regarding the stock or industry.
This strategy is for medium to long-term positional trading based on a technical pattern. Always ensure to review your risk management plan.
A breakout above the resistance level around ₹725 is likely to confirm the Cup and Handle pattern.
Consider entering the trade on a strong breakout above ₹725 with volume confirmation.
Target Price:
The height of the cup is from ₹480 to ₹725, giving a range of approximately ₹240.
Adding this range to the breakout level of ₹725, the first target could be around ₹960.
Stop Loss:
Place a stop loss slightly below the support level, around ₹680, which is near the handle of the cup pattern.
Risk-Reward Ratio:
Target Price: ₹960
Entry: ₹725
Stop Loss: ₹658
This setup provides a decent risk-reward ratio of approximately 5:1.
Additional Considerations:
Monitor the volume closely. The breakout should be accompanied by higher-than-average volumes to confirm the move.
Keep an eye on broader market sentiment and any relevant news regarding the stock or industry.
This strategy is for medium to long-term positional trading based on a technical pattern. Always ensure to review your risk management plan.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.