India Cements CUP pattern
It has formed a CUP chart pattern in India Cements and recently has broken the neckline after 16 years.
The best way to trade a chart pattern is to wait for the neckline to retest after the breakout. Once it turns around and the upside move continues, you can enter the trade.
Volume is a crucial factor in this analysis. It increased significantly as the price level approached the neckline, indicating strong market conditions.
The monthly, weekly, and daily RSI are above 60, which is also a good sign of bullishness in the stock.
If you measure the depth of the cup and clone it above the neckline, that would be your target, which comes to around 620 levels.
The best way to trade a chart pattern is to wait for the neckline to retest after the breakout. Once it turns around and the upside move continues, you can enter the trade.
Volume is a crucial factor in this analysis. It increased significantly as the price level approached the neckline, indicating strong market conditions.
The monthly, weekly, and daily RSI are above 60, which is also a good sign of bullishness in the stock.
If you measure the depth of the cup and clone it above the neckline, that would be your target, which comes to around 620 levels.
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