Neat & Clean Cup and Handle Pattern Breakout seen in INOXWIND

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Hello everyone i have brought a stock which has given a breakout of Continuation pattern which called Cup and Handle Chart Pattern. Stock name is INOXWIND.
Inox Wind Limited is a part of the Inox Group. The company is engaged in the business of manufacturing Wind Turbine Generators (WTGs) and is a wind energy solutions provider servicing IPPs, Utilities, PSUs, Corporates and Retail Investors. Inox Wind Ltd is a fully integrated player in the wind energy market and provides end-to-end turnkey solutions.

Note:- Technically chart is looking bullish as it has given breakout of Cup and Handle pattern but fundamentally i have not find that much attractive, so i am not advising this stock for long term type, my view here is only for short term. Please follow strictly stop loss in this.

Let's learn about this pattern (Cup and Handle)

Q:- What is Cup and Handle Pattern?
Ans:- It is a bullish continuation pattern that occurs in an uptrend and signals that the price of the stock will continue to trend higher on completion of the pattern. The pattern gets its name from its shape which resembles that of a conventional tea cup with a handle. It is one of the most occuring pattern used across the world to spot dominant uptrend for taking long positions.

Q:- How to take entry and exit and where to keep stop in this Chart pattern?
Ans:-Entry Point: Place the trade when the price rises above the handle created resistance level. This breakout confirms the pattern and indicates the resumption of the uptrend.
Stop Loss and Take Profit: Set a stop-loss order below the handle’s support level to limit potential losses. Determine a take-profit level by measuring the depth of the cup and adding it to the breakout point.
Volume Confirmation: Keep an eye on volume during the breakout. Higher trading volume should accompany the breakout, indicating strong buying interest and validating the pattern’s reliability.
Monitor Price Action: Continuously monitor the price action after entering the trade. Consider trailing your stop loss to protect profits and adjust your take-profit target if necessary.

Disclaimer:- Please always do your own analysis or consult with your financial advisor before taking any kind of trades.

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