This chart depicts **Laurus Labs Ltd.** and showcases a **cup-and-handle** breakout pattern.
### Observations: 1. **Cup-and-Handle Pattern**: - The stock formed a rounded "cup" with a resistance around ₹516.70. - A brief consolidation (the "handle") followed, leading to a breakout above ₹516.70.
2. **Breakout Confirmation**: - The price closed at ₹567.15 (+10.64%), indicating a strong breakout. - The breakout is supported by high volume, confirming buying interest.
3. **Measured Target**: - The height of the cup (~₹237) added to the breakout point (₹516.70) gives a target of **₹753.00**. - This represents a potential upside of ~46% from the breakout level.
4. **Support Levels**: - The breakout level at ₹516.70 now acts as immediate support. - Stronger support lies near ₹440 (handle base).
5. **Volume Spike**: - Significant volume during the breakout signals strong momentum, increasing the likelihood of the price reaching the target.
### Potential Strategy: - **For Bulls**: - Entry on pullbacks near ₹516.70 or on dips above ₹550. - Target: ₹753.00. - Stop-loss: Below ₹500 (to account for false breakouts).
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