SUNTECK REALTY - Probable Up Move
1. NIFTY Realty sector has given a 10 year breakout after an unsuccessful attempt in 2018
2. Sunteck Realty has formed a SYMMETRICAL TRIANGLE pattern on a weekly chart since Jan 2020
3. High volumes during pattern formation shows accumulation
4. Indicators showing momentum and uptrend
5. Probable entry would be at the breakout from the pattern
6. Half quantity at the breakout and half after retesting the support can be one strategy to enter the trade
7. The pattern height is 200 points - So, target can be 200 points from the point of breakout
Risk:Reward = 1:4.5
Entry: 360-365
Target: 560 (Sorry! I miscalculated on the chart as 150 points at 515 but its 200 points)
Resistances at 390 and 450
SL: 330 [Based on high deliveries above this level]
Time period: Mid term [3 to 6 months]
Disclaimer: The above is NOT a buy/sell recommendation. Only for educational purpose. Kindly do your analysis before taking any trade.
2. Sunteck Realty has formed a SYMMETRICAL TRIANGLE pattern on a weekly chart since Jan 2020
3. High volumes during pattern formation shows accumulation
4. Indicators showing momentum and uptrend
5. Probable entry would be at the breakout from the pattern
6. Half quantity at the breakout and half after retesting the support can be one strategy to enter the trade
7. The pattern height is 200 points - So, target can be 200 points from the point of breakout
Risk:Reward = 1:4.5
Entry: 360-365
Target: 560 (Sorry! I miscalculated on the chart as 150 points at 515 but its 200 points)
Resistances at 390 and 450
SL: 330 [Based on high deliveries above this level]
Time period: Mid term [3 to 6 months]
Disclaimer: The above is NOT a buy/sell recommendation. Only for educational purpose. Kindly do your analysis before taking any trade.
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