DHANUKA formed a descending channel pattern on daily chart. Price broke out resistance with strong bullish candle. Also note the volume on breakout that is above average. Multiple support and resistance were tested before the breakout. There was a strong runup prior to formation of this pattern showing buyers interest. Formation of hammer candlestick pattern prior to breakout signifies there is strong buying pressure with less sellers. Entry can be held just above breakout candles high with stop loss on breakout candle low.
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Hope you liked this idea. If so, please boost this idea or leave a comment down on what your think. I'll be glad to hear from you. Otherwise happy trading :-)
Comment:
Hope you guys had a good return on this one. You can book some profit at this level and let remaining grow for further returns.
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