RITCO- Rectangle Pattern and Case Study of Cup and Handle Patter
Breakout Chart to Watch:
NSE:RITCO 287
1. Cup and Handle Breakout (Case Study):
Time Frame: December 2022 - July 2023
Breakout Level: 195
Outcome: Successful breakout to 292 levels
Gain: 50%
Explanation: RITCO recently experienced a notable cup and handle pattern breakout, characterized by a robust move from the breakout level of 195 to 292. This gain of 50% was supported by strong volume, indicating significant market interest.
2. Current Consolidation within Rectangle Pattern:
Presently, the stock is undergoing consolidation within a rectangle pattern, formed over a six-month period from July 2023 to December 2023. This pattern is defined by a support level around 217 and a resistance level near 290.
3. Upside Movement Indicators:
Recent price action reveals attempts to ascend, supported by a surge in both volume and price over the last 15 days. Bullish marubozu candlesticks on the chart signify potential upward movement.
4. Key Breakout Level:
A crucial level to monitor is the 290/300 range. A breakout and sustained trading above this level would mark an all-time high breakout, potentially paving the way for substantial upside in the near term.
5. Anticipated Upside Targets:
Upon confirming the breakout, the stock may target significant upside, potentially reaching levels in the range of 350 to 400. This projection is contingent on sustained strength post-breakout.
6. Consolidation Scenario:
Conversely, if the price encounters resistance and fails to establish itself above the breakout level, a consolidation phase within the rectangle range of 293 to 217 may transpire.
🚫 Disclaimer:
This analysis is for educational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor. It is recommended to conduct thorough research and seek advice from certified financial professionals before making investment decisions.
#TechnicalAnalysis #Trading #Investing #StocksToWatch
NSE:RITCO 287
1. Cup and Handle Breakout (Case Study):
Time Frame: December 2022 - July 2023
Breakout Level: 195
Outcome: Successful breakout to 292 levels
Gain: 50%
Explanation: RITCO recently experienced a notable cup and handle pattern breakout, characterized by a robust move from the breakout level of 195 to 292. This gain of 50% was supported by strong volume, indicating significant market interest.
2. Current Consolidation within Rectangle Pattern:
Presently, the stock is undergoing consolidation within a rectangle pattern, formed over a six-month period from July 2023 to December 2023. This pattern is defined by a support level around 217 and a resistance level near 290.
3. Upside Movement Indicators:
Recent price action reveals attempts to ascend, supported by a surge in both volume and price over the last 15 days. Bullish marubozu candlesticks on the chart signify potential upward movement.
4. Key Breakout Level:
A crucial level to monitor is the 290/300 range. A breakout and sustained trading above this level would mark an all-time high breakout, potentially paving the way for substantial upside in the near term.
5. Anticipated Upside Targets:
Upon confirming the breakout, the stock may target significant upside, potentially reaching levels in the range of 350 to 400. This projection is contingent on sustained strength post-breakout.
6. Consolidation Scenario:
Conversely, if the price encounters resistance and fails to establish itself above the breakout level, a consolidation phase within the rectangle range of 293 to 217 may transpire.
🚫 Disclaimer:
This analysis is for educational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor. It is recommended to conduct thorough research and seek advice from certified financial professionals before making investment decisions.
#TechnicalAnalysis #Trading #Investing #StocksToWatch
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