Coromandel has given a breakout for cup and handle pattern.
For the benefit of those who are new, it is a bullish pattern.
On 29/6/22 it has given a MACD breakout with good volume.
It is followed up by cup and handle breakout on 4/7/22, the breakout has happened with good volume as shown in the chart.
On next day it has retested the breakout level and today it has closed above the breakout.
The cup has a depth of 254 points, the handle is having a depth of 83 points... which is almost 1/3rd of the cup's depth. Which I feel is ideal.
Target:
Breakout point is 970, target is +254 that is 1224.
52w high is 999, it may face resistance there.
Stop loss:
Low of the handle - 885
In present volatile market, you ride with the trend carefully!
Risk Reward is almost 1:4
Plan your risk management properly!
For the benefit of those who are new, it is a bullish pattern.
On 29/6/22 it has given a MACD breakout with good volume.
It is followed up by cup and handle breakout on 4/7/22, the breakout has happened with good volume as shown in the chart.
On next day it has retested the breakout level and today it has closed above the breakout.
The cup has a depth of 254 points, the handle is having a depth of 83 points... which is almost 1/3rd of the cup's depth. Which I feel is ideal.
Target:
Breakout point is 970, target is +254 that is 1224.
52w high is 999, it may face resistance there.
Stop loss:
Low of the handle - 885
In present volatile market, you ride with the trend carefully!
Risk Reward is almost 1:4
Plan your risk management properly!
