JINDAL WORLDWIDE TRENDLINE BREAK 1:4 RRNSE:JINDWORLD has given a breakout from an old resistance uptrend line.
On a lower time frame, it has also given a breakout from a narrow low volume consolidation zone. (Pink rectangle area)
Volumes on trendline break towards all time high look very bullish - the highest since last 2 weeks.
A risky momentum trade can be taken with a tight sl , going for 1:4 risk reward play. It is important to mention that placing a tight sl increases the chances of it being hit due to the market volatility. Track sl on a close to close basis instead of C.M.P.
Another justification for this risky trade is that price has continued to rally without any major correction and it is likely it will continue to do so.
Considering the bullish nature of the stock, one can enter entire position at C.M.P for this trade.
Targets: 310/390/400/430+
sl: below 260
Position size accordingly. HAPPY TRADING!
