Points to be noted:
1> A neckline resistance of 1937 levels is being tested repeatedly & getting rejected
2> For any reversal to sustain, a good base formation must precede it. Here we have a Cup & handle rounded base as a solid foundation
3> A good consolidation usually results in a healthy breakout. We see the stock has been in range for more than a month.
Keeping in mind the above points, a long is initiated as follows:
Entry above 1946.6
SL 1920
Tgt 2011
RR 2.5
As always, trade according to your own risk appetite. And always enter SL first.
1> A neckline resistance of 1937 levels is being tested repeatedly & getting rejected
2> For any reversal to sustain, a good base formation must precede it. Here we have a Cup & handle rounded base as a solid foundation
3> A good consolidation usually results in a healthy breakout. We see the stock has been in range for more than a month.
Keeping in mind the above points, a long is initiated as follows:
Entry above 1946.6
SL 1920
Tgt 2011
RR 2.5
As always, trade according to your own risk appetite. And always enter SL first.
