Parag Milk Foods Ltd. Trading Idea
A cup and handle pattern is in the making. The handle in itself has formed a triangle, the breakout from the triangle pattern could help complete the cup and handle pattern. Expecting the CnH to breakout late this coming week, or even probably next week. Presence of two patters indicates a stronger signal as well.
Buy : 121-123 provided there is a breakout with good volumes
T1 :
T2 : 190
SL : Depends on how clean the breakout from the CnH is. If there is a consolidation before breaking out, my SL would be at the bottom of the consolidation. Or I may even end up keeping my SL 3-4% below the upper line of the triangle, which would correspond roughly to the area near the 200 DEMA.
I will update the SL when the pattern nears breakout.
Thanks!
Buy : 121-123 provided there is a breakout with good volumes
T1 :
T2 : 190
SL : Depends on how clean the breakout from the CnH is. If there is a consolidation before breaking out, my SL would be at the bottom of the consolidation. Or I may even end up keeping my SL 3-4% below the upper line of the triangle, which would correspond roughly to the area near the 200 DEMA.
I will update the SL when the pattern nears breakout.
Thanks!
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