This analysis is done purely on basis of price action and chart patterns
Analysis is done on Daily TF hence it may take few days to few weeks for price to reach the given target
Logic as well as the strategy for the trade setup is explained in the image itself.
Pls note that this is not a trade recommendation. Do your own study before entering into any...
Symmetrical Pattern Breakout in Trent with volume
Expect a Target of 750+, SL 650 CMP 695
Duration: 07-10 Days
Do your own study & risk mgnt before considering this stock.
Trent Breaking out
Good Volume last 4-5 days
Need to cross 635 horizontal resistance.
Could become a buy above trend line around 642 levels for a 10% move.
Also currently above 9EMA
RSI and Stochastic are as per rules.
Simple chart. No complications.
Entry - Around 600, near the trend line
1st Target - 695.25 ( A bit lower than the previous swing high)
2nd Target - 795.05 ( Top of the channel and also a previous strong resistance)
Rationale - TRENT has been moving in a parallel bull channel with bull candle volume outweighing the bear candle volume. The 61.8% retracement level was also breached...
Trent Ltd looks bullish on weekly chart.
Entry after it crosses 705
Target around 722 (indicated by horizontal line)
Basis:-
Price above Fibonacci resistance
Big green candle
Volume more than 20 MA
RSI near 60 (more than 50)
Simple analysis
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