Rectangle Channel Breakout - VESUVIUS INDIA
Overview of Company :
The company's products include shaped refractories like shrouds, stoppers, pre-cast products, nozzles, and crucibles. It also includes unshaped refractories like castables and taphole clay. It also offers repair and maintenance services for its refractories.
Technical Aspects to be learned from this chart :
1. This stock price formed Rectangular channel pattern from almost more than 5 months.
2. Stock gave a powerful breakout with bullish candle closing above 52W indicating bullish momentum in the stock
3. Volume burst gives us additional confirmation to consider the bullish trend.
4. This stock starts it uptrend from 15 april and almost continued to bull run almost a month and started consolidating.
5. Consolidation after a quick run up was always a good sign for the stock to continue its trend.
Risk reward ratio :
We can expect 2:1 risk reward in this setup.
Note : It's always good to wait until the stock price retest the breakout support zone.
The company's products include shaped refractories like shrouds, stoppers, pre-cast products, nozzles, and crucibles. It also includes unshaped refractories like castables and taphole clay. It also offers repair and maintenance services for its refractories.
Technical Aspects to be learned from this chart :
1. This stock price formed Rectangular channel pattern from almost more than 5 months.
2. Stock gave a powerful breakout with bullish candle closing above 52W indicating bullish momentum in the stock
3. Volume burst gives us additional confirmation to consider the bullish trend.
4. This stock starts it uptrend from 15 april and almost continued to bull run almost a month and started consolidating.
5. Consolidation after a quick run up was always a good sign for the stock to continue its trend.
Risk reward ratio :
We can expect 2:1 risk reward in this setup.
Note : It's always good to wait until the stock price retest the breakout support zone.
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