REDTAPE has formed a clear Cup & Handle pattern on the daily chart, signaling a bullish reversal setup. The June Low acted as a base for accumulation, and price has now broken past the short-term resistance near ₹131, offering a fresh bullish opportunity.
Two potential entry zones are marked:
Entry 1: ₹128.38 to ₹129.91 (early handle breakout)
Entry 2: ₹131.01 to ₹132.40 (confirmation breakout)
The breakout has strong follow-through volume and structure, supported by a retest of the June High zone around ₹132. If momentum continues, the stock could move towards:
Target 1: ₹135.70
Target 2: ₹138.91
Extended Fibonacci Targets: ₹140.61, ₹143.62, ₹146.50
Monthly Target: ₹151.87
Invalidation Zone:
If the price breaks below ₹127.05 and especially below ₹125.89, the pattern fails and could trigger a downside move toward ₹123.73 or even June lows.
Trade Plan:
Buy Zone: ₹129.15 to ₹132.40
Stop Loss: Below ₹127.05
Target Range: ₹135 → ₹139 → ₹151
Pattern: Cup & Handle
Risk-Reward: Highly favorable on breakout confirmation
This breakout is backed by bullish technical formation and improving volume action. The neckline breakout suggests the stock is positioned for a trending move, with multiple Fibonacci extension targets aligning toward ₹150+.
Disclaimer:
This analysis is for educational purposes only. Always do your own research and use proper risk management before taking any trading decision.
Two potential entry zones are marked:
Entry 1: ₹128.38 to ₹129.91 (early handle breakout)
Entry 2: ₹131.01 to ₹132.40 (confirmation breakout)
The breakout has strong follow-through volume and structure, supported by a retest of the June High zone around ₹132. If momentum continues, the stock could move towards:
Target 1: ₹135.70
Target 2: ₹138.91
Extended Fibonacci Targets: ₹140.61, ₹143.62, ₹146.50
Monthly Target: ₹151.87
Invalidation Zone:
If the price breaks below ₹127.05 and especially below ₹125.89, the pattern fails and could trigger a downside move toward ₹123.73 or even June lows.
Trade Plan:
Buy Zone: ₹129.15 to ₹132.40
Stop Loss: Below ₹127.05
Target Range: ₹135 → ₹139 → ₹151
Pattern: Cup & Handle
Risk-Reward: Highly favorable on breakout confirmation
This breakout is backed by bullish technical formation and improving volume action. The neckline breakout suggests the stock is positioned for a trending move, with multiple Fibonacci extension targets aligning toward ₹150+.
Disclaimer:
This analysis is for educational purposes only. Always do your own research and use proper risk management before taking any trading decision.
Nota
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.