Trade setup:
Monthly - Classic breakout pattern. Broke out of ascending triangle, multi-year breakout of trend line, retest and zoomed up. Took support at 50EMA (confluence).
Daily / Weekly - broke out of resistance zone (between 680 INR and 710 INR), retest and formed a bullish engulfing candle (daily), with pennant formation (daily).
Entry price = 745 INR
SL = below 680 INR
Target = 1000 INR (psychological barrier and ATH resistance).
Monthly - Classic breakout pattern. Broke out of ascending triangle, multi-year breakout of trend line, retest and zoomed up. Took support at 50EMA (confluence).
Daily / Weekly - broke out of resistance zone (between 680 INR and 710 INR), retest and formed a bullish engulfing candle (daily), with pennant formation (daily).
Entry price = 745 INR
SL = below 680 INR
Target = 1000 INR (psychological barrier and ATH resistance).
Note
SL protected by few points. My SL = 670 - 675 (below swing low).Trade closed: stop reached
SL hit. Trade closed.
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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.