Goodluck: Will good luck shine to give a +47% gain?
Diupdate
Goodluck: Will good luck shine and give a +47% gain?
What is the trade idea?
Stock has risen 441% within 20 weeks and formed a good 3T VCP pattern. Now it's been consolidating for a good 14 weeks. The entire consolidation is occuring in a high and tight range, and with the low risk range that’s currently in progress, it's been inviting to have a close look at what lies ahead.
The current tight range is above the VCP centre line is most likely forming a pivot range that's <= 7%.
My expectation is that 326 to 334 may offer resistance yet there's a possibility that these levels could be crossed in the coming weeks ahead. (as usual I'm hopeful, and expecting the market Gods to be kind)
Expecting the current compressed range to continue and stay within the marked tight range box for the next two weeks or so.
Here's my Trade Plan
* Potential Targets: 388, 447
Need to watch carefully what the price action will do around the resistance of 326-334 levels. If that is convincingly crossed, then both upper targets have a fair to good probability of being achieved.
Chart marked with the trade plan. Please feel free to clarify your doubts, and trade safe.
What is the trade idea?
Stock has risen 441% within 20 weeks and formed a good 3T VCP pattern. Now it's been consolidating for a good 14 weeks. The entire consolidation is occuring in a high and tight range, and with the low risk range that’s currently in progress, it's been inviting to have a close look at what lies ahead.
The current tight range is above the VCP centre line is most likely forming a pivot range that's <= 7%.
My expectation is that 326 to 334 may offer resistance yet there's a possibility that these levels could be crossed in the coming weeks ahead. (as usual I'm hopeful, and expecting the market Gods to be kind)
Expecting the current compressed range to continue and stay within the marked tight range box for the next two weeks or so.
Here's my Trade Plan
- Entry : Test Entry on Breakout above at 302.40
- Initial Stop Loss (ISL): Below @ 279.40 (SL based on structure)
- Note: Need to be watchful of breakout with high volumes and at resistance above.
* Potential Targets: 388, 447
Need to watch carefully what the price action will do around the resistance of 326-334 levels. If that is convincingly crossed, then both upper targets have a fair to good probability of being achieved.
Chart marked with the trade plan. Please feel free to clarify your doubts, and trade safe.
Catatan
On the basis of its weekly price action, I wanted to give more room to the stock. Continuing to hold a small test position.
SL is now hard and kept at 259.40. Will update on basis of weekly closing today.
Catatan
Markets overall looking weak ahead. Most likely the hard SL placed at 259.40 could trigger on Monday itself.Would continue to retain this Stock on my radar. The possibility of re-entry could well occur, maybe after 4-6 weeks.
Trade aktif
Fortunately, the structure held and the SL placed at 259.40 was good, albeit the stock almost missed the SL by a whisker. Whew.A nice low risk pivot range formed, which then went on to break out on the upside. And within 18 sessions, the stock went ahead and moved up by an excellent 44%.
The round figure of 400 invited profit booking.
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