Lupin Breakout on Weekly Chart
Current Analysis of Lupin (Price: ₹2369)
Market Position:
Trading near all-time highs.
Recent breakouts were observed on both weekly and daily charts.
Entry Strategy:
Daily Candle: Wait for a retest of the ₹2306 level before entering. Look for a higher high (HH) candle for confirmation.
Weekly Candle: Consider entering if the candle closes above ₹2369 with a higher high pattern.
Technical Indicators:
RSI: Indicates bullish momentum.
Volume: Increased volume over the past few days supports the price movement.
Risk-Reward Ratio:
It appears favorable, suggesting potential for significant upside.
Target:
Aiming for ₹3000 within 6 to 8 months seems realistic based on current trends.
Support:
Trendline can be considered as a support level for managing risk.
Considerations
Monitor overall market conditions and any news that could impact Lupin’s performance.
It may also be wise to set stop-loss levels to manage risk effectively.
Market Position:
Trading near all-time highs.
Recent breakouts were observed on both weekly and daily charts.
Entry Strategy:
Daily Candle: Wait for a retest of the ₹2306 level before entering. Look for a higher high (HH) candle for confirmation.
Weekly Candle: Consider entering if the candle closes above ₹2369 with a higher high pattern.
Technical Indicators:
RSI: Indicates bullish momentum.
Volume: Increased volume over the past few days supports the price movement.
Risk-Reward Ratio:
It appears favorable, suggesting potential for significant upside.
Target:
Aiming for ₹3000 within 6 to 8 months seems realistic based on current trends.
Support:
Trendline can be considered as a support level for managing risk.
Considerations
Monitor overall market conditions and any news that could impact Lupin’s performance.
It may also be wise to set stop-loss levels to manage risk effectively.
Not
Stop loss triggered due to market sentiment. (A fresh entry RRR is not Good)
Risky Trade near the trendline support level, but only if the trendline support holds and candlestick patterns indicate higher highs and higher lows.with the Target of Resistance level.
Feragatname
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