Motherson Breakout Trade Idea
Hi friends and mates, Sharing a breakout trade idea on Samvardhana Motherson below-:
So as you can see on provided chart that recenly price have broken a resistance nearby 208 levels and moving in upward direction so we can consider it's a horizontal resistance breakout so after this breakout my current anticipation is price will come down near to above mentioned resistance and this time that resistance will act as a support and we can see an upward direction move again after support bounce, This anticipation is based on the previous price action behaviour where price did the same thing after breakout. It's a breif description nothing i have much to write rest all the impotant things mentioned on the chart.
Support-: 199 is looking a good support closing basis for this trade.
Target-: 250 levels looking a good target for this trade measured by the chart pattern (ascending triangle).
Best Regards- Amit
Hope you will like this idea.
So as you can see on provided chart that recenly price have broken a resistance nearby 208 levels and moving in upward direction so we can consider it's a horizontal resistance breakout so after this breakout my current anticipation is price will come down near to above mentioned resistance and this time that resistance will act as a support and we can see an upward direction move again after support bounce, This anticipation is based on the previous price action behaviour where price did the same thing after breakout. It's a breif description nothing i have much to write rest all the impotant things mentioned on the chart.
Support-: 199 is looking a good support closing basis for this trade.
Target-: 250 levels looking a good target for this trade measured by the chart pattern (ascending triangle).
Best Regards- Amit
Hope you will like this idea.
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