The price has bottomed out and reversed from Multiyear Support at around 130-135 INR. Broke the previous High on the Daily timeframe and then proceeded to break the Channel pattern on the upside. Breakout created a new high (175 INR, which is also 200EMA level [Green line] on the weekly timeframe) & Retraced (Failed breakout). Retraced and consolidated and then gave a breakout again. Entry Price: 160-165 INR SL Price: 145- 150 INR Confirmation of Breakout: after breaking of 175 level, which is 200 EMA resistance (Green line) Target1: 181-184 (If no consolidation at targets, then next 1-2 months) Target2; 191-194 (If no consolidation at targets, then next 3-6 months) Target3: 210-215 (If no consolidation at targets, then next 9 months-1 years)
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Price closed and then opened above the 175 level, which is 200D MA on a weekly timeframe. Stoploss has been raised to 168 INR. Daily candles show large volume moves. Wait till Target 1 is achieved.
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Target 1 was achieved, and a reasonable possibility of Target 2 is present. Profitable quarter, the crossover of 50 MA over 200 MA (Golden Cross) and a good volume breakout today.
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Target 2 was achieved as well, and a reasonable possibility of Target 3 is still present.
@vanathi, Thank you for the appreciation. However, I am not able to see the ideas (Long/short both) on the chart itself in any timeframe. I was able to see them before even being a free user. Is there any change in free user services?
Welcome to the trading view community. Good work on your first analysis.
Refer the link for guidance. tradingview.com/support/solutions/43000603748-how-to-post-awesome-ideas-and-get-lots-of-likes/
regards
Vanathi