Long Position:
Entry: Current price level (around 217-218)
Target: 290 (Cup depth projection)
Stop-Loss: 210-215 (below recent support)
Pattern Overview:
Electrosteel Castings has formed a classic Cup & Handle pattern with a strong potential for a breakout above 220. The handle consolidation within a symmetrical triangle suggests a buildup before a move higher. Volume confirmation will be key.
MACD histogram reducing, adding another bullish signal.
Strategy:
Enter long now with a stop-loss at 210-215. If the breakout is confirmed with volume, look for a target of 290, based on the pattern's depth projection.
Risk/Reward Ratio: ~2.5:1
Key Levels to Watch:
Support: 210-215
Resistance: 220-225
Disclaimer:
*I am not SEBI registered and this idea could be wrong. I'm here to learn, so please share your thoughts in the comments. Don’t follow this blindly! :) *
Entry: Current price level (around 217-218)
Target: 290 (Cup depth projection)
Stop-Loss: 210-215 (below recent support)
Pattern Overview:
Electrosteel Castings has formed a classic Cup & Handle pattern with a strong potential for a breakout above 220. The handle consolidation within a symmetrical triangle suggests a buildup before a move higher. Volume confirmation will be key.
MACD histogram reducing, adding another bullish signal.
Strategy:
Enter long now with a stop-loss at 210-215. If the breakout is confirmed with volume, look for a target of 290, based on the pattern's depth projection.
Risk/Reward Ratio: ~2.5:1
Key Levels to Watch:
Support: 210-215
Resistance: 220-225
Disclaimer:
*I am not SEBI registered and this idea could be wrong. I'm here to learn, so please share your thoughts in the comments. Don’t follow this blindly! :) *
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.