Breakout and Retest Setup on BCL Industries Ltd
This chart highlights a promising breakout and retest setup on the daily timeframe for BCL Industries Ltd. The stock has shown consistent respect for key trendlines and is presenting a high-probability trade opportunity. Here’s the detailed analysis:
Technical Observations:
Trendline Support Since Listing:
The green trendline represents a most respected long-term support, which the stock has consistently held since its listing. This acts as a reliable base for price recovery.
Breakout Confirmation:
The stock successfully broke above a key resistance zone (highlighted in purple), confirming bullish intent.
It has now retested this breakout zone and is showing signs of consolidation, suggesting potential for an upward move.
Volume Dynamics:
Breakout above the resistance zone was supported by increased volume, indicating strong participation.
Post-breakout, the consolidation phase has seen lower volume, a typical pattern before continuation.
Price Action at Retest:
The price has bounced from the green trendline and is hovering near ₹52–₹53, indicating accumulation in this zone.
Trade Setup:
Entry: Accumulate at the current levels of ₹52–₹54, especially on dips near the green trendline.
Stop Loss: Place a stop loss below ₹45.36, which is the most recent low and lies below the trendline support.
Targets:
1st Target: ₹58–₹60 (previous highs).
2nd Target: ₹100.46 (upper red trendline resistance).
Technical Observations:
Trendline Support Since Listing:
The green trendline represents a most respected long-term support, which the stock has consistently held since its listing. This acts as a reliable base for price recovery.
Breakout Confirmation:
The stock successfully broke above a key resistance zone (highlighted in purple), confirming bullish intent.
It has now retested this breakout zone and is showing signs of consolidation, suggesting potential for an upward move.
Volume Dynamics:
Breakout above the resistance zone was supported by increased volume, indicating strong participation.
Post-breakout, the consolidation phase has seen lower volume, a typical pattern before continuation.
Price Action at Retest:
The price has bounced from the green trendline and is hovering near ₹52–₹53, indicating accumulation in this zone.
Trade Setup:
Entry: Accumulate at the current levels of ₹52–₹54, especially on dips near the green trendline.
Stop Loss: Place a stop loss below ₹45.36, which is the most recent low and lies below the trendline support.
Targets:
1st Target: ₹58–₹60 (previous highs).
2nd Target: ₹100.46 (upper red trendline resistance).
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