Remarkable Breakout in MPS LTD.
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Good morning Guys! Here is a potential trade set up for next week.
Providing you some pointers for MPS LTD.
>>MPS Ltd experienced a beautiful breakout from a well-defined rectangle pattern last week
>> As we see in a daily timeframe, it was religiously following a rectangular pattern since more than 1 year, it is more like a broadening rectangular pattern.
>> After witnessing breakout it has retraced back to its breakout zone and again bounced back as bulls got activated, it seems lot of juice has still left.
Sales and profits are also looking promising.
Now question comes, How to trade in this zone as it has already shown significant moves ?
So, Checks these pointers out to understand it.
>>Either we can take entry while it retraces back to its BZ level or it gives a good upward move after little accumulation.
>>IF it comes back all the way to 1460 that would be our trigger point.
>>Now in second scenario if it does not give a pull back then we will wait for little consolidation and if we find a sort of engulfing type green candle then also we can think of taking entry.
STOP-LOSS.
Now stop loss would be deferent in both the scenarios.
First scenario: Buying at Breakout Zone- we can go with 5% of stop loss.
Second scenario: Buying higher level- In this case we will have to with higher stop loss, that would be 12%.
Targets totally depend on your patience level.
If you find this analysis helpful, please consider boosting 🚀 it. If you have some suggestions and any question please post in comment section.
Please note- I am not SEBI registered, so do your research before investing.
Providing you some pointers for MPS LTD.
>>MPS Ltd experienced a beautiful breakout from a well-defined rectangle pattern last week
>> As we see in a daily timeframe, it was religiously following a rectangular pattern since more than 1 year, it is more like a broadening rectangular pattern.
>> After witnessing breakout it has retraced back to its breakout zone and again bounced back as bulls got activated, it seems lot of juice has still left.
Sales and profits are also looking promising.
Now question comes, How to trade in this zone as it has already shown significant moves ?
So, Checks these pointers out to understand it.
>>Either we can take entry while it retraces back to its BZ level or it gives a good upward move after little accumulation.
>>IF it comes back all the way to 1460 that would be our trigger point.
>>Now in second scenario if it does not give a pull back then we will wait for little consolidation and if we find a sort of engulfing type green candle then also we can think of taking entry.
STOP-LOSS.
Now stop loss would be deferent in both the scenarios.
First scenario: Buying at Breakout Zone- we can go with 5% of stop loss.
Second scenario: Buying higher level- In this case we will have to with higher stop loss, that would be 12%.
Targets totally depend on your patience level.
If you find this analysis helpful, please consider boosting 🚀 it. If you have some suggestions and any question please post in comment section.
Please note- I am not SEBI registered, so do your research before investing.
Nota
Our entry got triggered 3 trading days back itself as it gave a retracement till its breakout area as we anticipated. The next day, it began to fall further, indicating a false breakout, but later it bounced back, leading to bear traps set by the bulls.Today, it made a significant 6% move, breaking the resistance level once again. Technically we can consider this as a second breakout.
Penafian
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