ASAHI INDIA GLASS LTDPanjang
Asahi India Glass Ltd Swing Trade – VCP Breakout with Volume
Overview:
Asahi India Glass Ltd (NSE: ASAHIINDIA) has recently broken out above the key resistance level of INR 715, confirming a Volatility Contraction Pattern (VCP) breakout. With the current price trading at INR 761, this offers a promising swing trade opportunity for traders looking to capture the bullish momentum that has emerged post-breakout.
Technical Analysis:
VCP Breakout:
Asahi India Glass Ltd has been forming a VCP (Volatility Contraction Pattern), characterized by a series of tightening price ranges with diminishing pullbacks, indicating reduced selling pressure and increased demand.
The breakout above INR 715, confirmed by high volume, marks the end of the consolidation phase, signaling that the stock is primed for upward movement and is an attractive entry for swing traders.
Moving Averages:
The stock is currently trading well above both the 50-day and 200-day moving averages, which have shown steady upward inclines. This indicates the stock is in a well-defined uptrend, offering further confirmation of the bullish setup.
A notable spike in volume accompanied the breakout above INR 715, which is a key indicator of buying interest and institutional participation. Sustained higher volume following the breakout suggests continued buying strength and further price increases.
Price Prediction:
Given the strength of the breakout and the bullish technical indicators, Asahi India Glass Ltd has potential upside toward INR 790 in the short term. If buying pressure continues, the stock could rally further to INR 820, making this an ideal opportunity for a swing trade.
Trade Plan:
Entry: Enter at the current price around INR 761, post-breakout confirmation above INR 715.
Stop-Loss: Set a stop-loss just below the breakout level at INR 710 to protect against a potential false breakout.
Target: First target at INR 790, with a secondary target at INR 820.
Risk/Reward:
The trade offers a favorable risk/reward ratio of approximately 3:1, providing a solid opportunity for traders to ride the post-VCP breakout momentum while managing risk with a disciplined stop-loss strategy.
This analysis presents a clear entry plan based on the recent VCP breakout of Asahi India Glass Ltd. You can use this idea for publication on TradingView, offering a detailed breakdown of the current technical setup and trade strategy! Special Thanks to Trade Experts Academy
Asahi India Glass Ltd (NSE: ASAHIINDIA) has recently broken out above the key resistance level of INR 715, confirming a Volatility Contraction Pattern (VCP) breakout. With the current price trading at INR 761, this offers a promising swing trade opportunity for traders looking to capture the bullish momentum that has emerged post-breakout.
Technical Analysis:
VCP Breakout:
Asahi India Glass Ltd has been forming a VCP (Volatility Contraction Pattern), characterized by a series of tightening price ranges with diminishing pullbacks, indicating reduced selling pressure and increased demand.
The breakout above INR 715, confirmed by high volume, marks the end of the consolidation phase, signaling that the stock is primed for upward movement and is an attractive entry for swing traders.
Moving Averages:
The stock is currently trading well above both the 50-day and 200-day moving averages, which have shown steady upward inclines. This indicates the stock is in a well-defined uptrend, offering further confirmation of the bullish setup.
A notable spike in volume accompanied the breakout above INR 715, which is a key indicator of buying interest and institutional participation. Sustained higher volume following the breakout suggests continued buying strength and further price increases.
Price Prediction:
Given the strength of the breakout and the bullish technical indicators, Asahi India Glass Ltd has potential upside toward INR 790 in the short term. If buying pressure continues, the stock could rally further to INR 820, making this an ideal opportunity for a swing trade.
Trade Plan:
Entry: Enter at the current price around INR 761, post-breakout confirmation above INR 715.
Stop-Loss: Set a stop-loss just below the breakout level at INR 710 to protect against a potential false breakout.
Target: First target at INR 790, with a secondary target at INR 820.
Risk/Reward:
The trade offers a favorable risk/reward ratio of approximately 3:1, providing a solid opportunity for traders to ride the post-VCP breakout momentum while managing risk with a disciplined stop-loss strategy.
This analysis presents a clear entry plan based on the recent VCP breakout of Asahi India Glass Ltd. You can use this idea for publication on TradingView, offering a detailed breakdown of the current technical setup and trade strategy! Special Thanks to Trade Experts Academy
Penafian
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