In the past we have shared multiple stock studies for stocks like MGL, Tata Global, Gabriel etc. on Profit In Equities and our Twitter Handle, and most of them have performed exceedingly well.
Today we are presenting a stock where 3 positive Technical Chart Patterns are manifesting themselves. The Chart Patterns are
- Cup & Handle Formation
- Trendline Breakout
- Ascending Triangle Formation
With the confluence of these 3 strong chart patterns, the possible target and stop-loss could be at levels of around 1580 and 1337 levels. However there is a downside to this chart and it is that the stock has already run up from breakout levels and hence a position in the stock should only be considered if it retests the breakout levels. Buying now would present an inferior risk-reward ratio.
Please watch the video below for the stock and a demonstration of the 3 Chart Patterns.
Please remember trading is extremely risky and factors in a very high risk of capital erosion. Please exercise extreme caution while trading in stocks and other risk based assets. This and all other similar stock studies on this website are just educational initiatives.
Standard Disclaimer :: The information in this article has been compiled from freely available information on the internet. None of the stocks mentioned here should be considered as recommendations to buy and one must consult their financial advisor prior to acting on any of the information presented herewith. The author and the creator of the associated video has no stake in any of the stocks discussed.
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