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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