CRAFTSMAN [cup&handle]
CRAFTSMAN [cup&handle]
The chart seems to display a cup and handle formation, which is a bullish continuation pattern. After forming the "cup" (rounded bottom), the price consolidates, forming the "handle." The breakout from the handle typically signals a continuation of the upward trend.
The price appears to have broken out above the resistance level that was part of the handle, indicating a potential start of a new upward movement.
The price has broken out of a consolidation pattern, indicating bullish momentum.
The first and second target levels ("1st TRG" and "2nd TRG") are plotted above the current price, suggesting expected future resistance levels where the price might take a pause or reverse.
1]1st Target (TRG): The first target seems to be near ₹6,700.
2]2nd Target (TRG): The second target is closer to ₹7,800.
The breakout point around ₹5,700 could now act as a support level. If the price pulls back, this level might provide buying interest.
The breakout appears to be accompanied by an increase in volume, which is a positive sign, confirming the strength of the move.
Risk Management: Consider placing stop-loss orders below the breakout level or near the handle's low to manage risk effectively.
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"Disclosure : I am not Sebi-registered." This channel is for only educational purpose. Any profit/loss, I am not responsible.
Before taking any trade on our charts / calls, please consult your financial advisors. Thanks🙏🙏
The chart seems to display a cup and handle formation, which is a bullish continuation pattern. After forming the "cup" (rounded bottom), the price consolidates, forming the "handle." The breakout from the handle typically signals a continuation of the upward trend.
The price appears to have broken out above the resistance level that was part of the handle, indicating a potential start of a new upward movement.
The price has broken out of a consolidation pattern, indicating bullish momentum.
The first and second target levels ("1st TRG" and "2nd TRG") are plotted above the current price, suggesting expected future resistance levels where the price might take a pause or reverse.
1]1st Target (TRG): The first target seems to be near ₹6,700.
2]2nd Target (TRG): The second target is closer to ₹7,800.
The breakout point around ₹5,700 could now act as a support level. If the price pulls back, this level might provide buying interest.
The breakout appears to be accompanied by an increase in volume, which is a positive sign, confirming the strength of the move.
Retest of Breakout: Watch for a potential retest of the breakout level around ₹5,700. If the price successfully holds above this level, it would further confirm the bullish trend.
Risk Management: Consider placing stop-loss orders below the breakout level or near the handle's low to manage risk effectively.
- Trend Strength: Continue monitoring the volume and price action as the price approaches the target levels. If the volume decreases, it may indicate weakening momentum.
for MORE check in my Tv-id " in.tradingview.com/u/asAMOLSUTAR/ "
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"Disclosure : I am not Sebi-registered." This channel is for only educational purpose. Any profit/loss, I am not responsible.
Before taking any trade on our charts / calls, please consult your financial advisors. Thanks🙏🙏
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