USHAMART Made Beautiful Chart Structure of Kinda Triple Bottom Reversal Pattern today after Q4 Results with Good Price and Volume action and Breaking the Trendline.Price Action:
- The stock has been in a downtrend since November 2024, forming a clear descending resistance line (white diagonal Trendline)
- Currently showing strong breakout momentum at ₹334.85, up ₹23.75 (+7.46%) in today's session
- Successfully broken above both the downtrend line and horizontal resistance at ₹320-325
- Multiple tests of support at the ₹290 level have created a solid base for the current rally
- Higher lows forming since March indicate increasing buying pressure
Volume Analysis:
- Today's volume at 4.98M shares vs. average of 688.65K (over 7x normal volume)
- Previous support bounces (green arrows) also occurred with increased volume
- Extremely high volume on today's breakout confirms strong institutional interest
- Volume profile shows healthy accumulation during support tests
Key Support and Resistance Levels:
- Strong support established at ₹290 level (green horizontal line)
- Intermediate resistance/support at ₹320-325 (lower red horizontal line)
- Major resistance at ₹350 level (upper red horizontal line)
- The previous rejection point at ₹350 (red arrow) now becomes the next target
- Long-term resistance from October to December 2024 around ₹420
Technical Patterns:
1. Downtrend Line Breakout*- Price has decisively broken above the multi-month downtrend line
2. Kinda Triple Bottom- Formed at ₹290 level (February-May), creating a solid foundation
3. Ascending Triangle- Recent price action shows higher lows against horizontal resistance
4. Volume Confirmation- Massive volume spike validates the technical breakout
5. Bullish Engulfing Candle- Today's price action engulfs previous bearish candles
Trade Setup:
- Pattern: Downtrend line breakout + horizontal resistance break
- Confirmation: Strong price action with 7x normal volume
- Context: Potential trend reversal after extended downtrend and base formation
Entry Points:
1. Aggressive Entry: Current price (₹334.85) with partial position
2. Pullback Entry: On retest of breakout level ₹320-325
3. Confirmation Entry: Add positions on close above ₹350 (previous resistance)
Exit Strategy:
- Target 1: ₹350 (immediate resistance)
- Target 2: ₹380 (intermediate resistance based on prior support level)
- Target 3: ₹420 (major resistance from December 2024)
- Trailing Stop: Implement a 5% trailing stop after Target 1 is achieved
Stop Loss Placement:
- Aggressive Stop: ₹315 (below breakout level)
- Conservative Stop: ₹305 (midpoint between support and breakout)
- Pattern-Based Stop: ₹290 (below the triple bottom support)
Risk Management:
- Position sizing: Limit risk to 1-2% of trading capital
- Risk-reward ratio: Maintain at least 1:1.5 (with aggressive stop)
- Consider scaling in: 50% at current level, 25% on pullback, 25% on further confirmation
- Scale out: 30% at Target 1, 40% at Target 2, hold remainder with trailing stop
Today's powerful breakout on record volume after forming a kinda triple bottom pattern suggests a potential trend reversal. The breakout above both the descending trendline and horizontal resistance provides a compelling technical case for upside continuation. If the stock can maintain momentum above the ₹325 level, it could target the next resistance at ₹350 quickly, with potential for a move toward ₹380-420 in the coming weeks.
Keep in the Watchlist.
NO RECO. For Buy/Sell.
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Disclaimer: "I am not a SEBI REGISTERED RESEARCH ANALYST AND INVESTMENT ADVISER."
This analysis is intended solely for informational and educational purposes and should not be interpreted as financial advice. It is advisable to consult a qualified financial advisor or conduct thorough research before making investment decisions.
註釋
Inside Bar Day註釋
Down 3% from RECO.Aggressive Stop: ₹315 (below breakout level) Intact.
交易進行
Pullback Entry: On retest of breakout level ₹320-325 ActiveAbove Trendline
交易結束：達到停損點
Aggressive Stop: ₹315 (below breakout level) Broken.Still above Trendline
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