Good risk reward ratio, Continuous pattern break out...1st target - 55, 2nd - 60, third target 75, this is short to med term. for long term the counter look bright
Over here we can see that the stock is coming out of a well respected weekly Fairvalue gap made near support levels also - increasing conviction. TP1 is quite near however the final target is also placed on the chart for anyone to be guided. I have not attached a Stop loss here the market conditions right now are volatile, however please do manage your risk...
Stock name = Morepen Laboratories Limited.
weekly chart setup
Chart is self explanatory. Levels of breakout, possible up-moves (where stock may find resistances) and support (close below which, setup will be invalidated) are clearly defined.
Disclaimer: This is for demonstration and educational purpose only. this is not buying and selling recommendations. I am...
Morepenlab has given a breakout above a very important recent high with good strong volumes in a very bearish market. It may have legs to go till 52-53 in the coming weeks.
The high of the current daily candle needs to break first.
Disclaimer - Not a trading advice or buy/sell call, only for educational purpose.
