IRCTC: Cup & Handle pattern
IRCTC
In to the unknown....
To start with, we are looking at the weekly chart for IRCTC.
Above 2184, the stock would be trading in the uncharted territory
The time frame we are looking at is for investment decisions/ holding period of 1-2 years.
We rely on Cup and handle pattern that we observe here. The orange line is the breakout mark and this is week three of trading above the orange line. Sustaining above the orange line for this weekly close might indicate a potential breakout.
The target for the current set up 2600 / 2800 / 3230 odd levels
Look to plan your buy in 2 tranches according to your risk management profile.
One at current levels or close to as close to orange line as possible and 2nd on dips towards the blue line as and when it happens.
Pattern gets invalided if we see 3 weekly candle close below the blue line.
Take care & safe trading...!!!
Disclaimer
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be
In to the unknown....
To start with, we are looking at the weekly chart for IRCTC.
Above 2184, the stock would be trading in the uncharted territory
The time frame we are looking at is for investment decisions/ holding period of 1-2 years.
We rely on Cup and handle pattern that we observe here. The orange line is the breakout mark and this is week three of trading above the orange line. Sustaining above the orange line for this weekly close might indicate a potential breakout.
The target for the current set up 2600 / 2800 / 3230 odd levels
Look to plan your buy in 2 tranches according to your risk management profile.
One at current levels or close to as close to orange line as possible and 2nd on dips towards the blue line as and when it happens.
Pattern gets invalided if we see 3 weekly candle close below the blue line.
Take care & safe trading...!!!
Disclaimer
- The view expressed here is my personal view
- Past performance is not a guarantee for future predictions
- Use this for educational purpose
- Any decision you take, you need to take responsibility for the same
- It's your hard earned money. Treat it wisely
- Trade / Invest keeping in mind your trading style, goals and objectives, time horizon & risk tolerance
- if trading in F&O, understand that F&O trading involves risk
- Do take proper risk management measures
- Do your own analysis and consult your financial adviser if need be
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