SUNDARMFIN : Preparing for a Bullish Breakout!

Technical Observations:

Pattern Identified: The chart shows a corrective C wave formation. The price bounced from a significant demand zone (₹3,851 - ₹3,922), signaling selling pressure exhaustion.
Breakout Confirmation: A sustained breakout above ₹4,072 on the daily chart will confirm bullish momentum and validate the setup.
Buy Trigger: Initiate long positions once the stock closes and sustains above ₹4,072.

Targets:

1. []First Target: ₹4,738 (Aligned with a prior swing high, acting as immediate resistance).
   []Second Target: ₹5,196 (Higher Fibonacci projection level, indicating trend continuation).
   

Stop Loss: Below ₹3,851 (To manage risk if the demand zone fails).

Learning Points:

Change of Character (ChoCH): A transition from downtrend to uptrend, marking a potential reversal.
Wave C Setup: Accumulation during the corrective phase leads to a demand-driven uptrend.
Risk-Reward Focus: Entering above ₹4,072 ensures alignment with the trend, minimizing false signals.
Reason for Action:

Demand Zone Validation: The bounce from ₹3,851 - ₹3,922 confirms strong demand.
Breakout Strength: Sustaining above ₹4,072 validates the bullish setup.
Targets Justification: Both targets align with resistance levels and Fibonacci projections.