REDTAPE – Cup & Handle Pattern Breakout | ₹151 Monthly Target

7月6日

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.

7月16日

註釋

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