Coromandel International (NSE: COROMANDEL) Forecast
Wait for the weekly close
Based on the daily chart for Coromandel International (NSE: COROMANDEL), here is the summary:
Key Levels:
- Breakout Level: Around 1287-1290
Current Price:
- Current Price: 1287.85
Chart Analysis:
1. Ascending Triangle Pattern: The stock has formed an ascending triangle pattern, a bullish continuation pattern, which it has recently broken out of.
2. Breakout Confirmation: The breakout from the ascending triangle indicates a potential upward move.
3. Targets:
- Short-Term Target 1: 1320
- Short-Term Target 2: 1380
- Long-Term Target 1: 1450
- Long-Term Target 2: 1700
Strategy:
- Entry: The stock has already broken out of the ascending triangle. A potential entry point would be on a pullback to the breakout level (around 1287-1290) or on confirmation of sustained upward momentum.
- Stop Loss: Consider placing a stop loss below the breakout level, around 1260, to manage risk.
- Targets:
- For short-term trades, consider taking profits at 1320 and 1380.
- For long-term trades, the targets are 1450 and 1700.
Conclusion:
- The stock has shown a strong bullish breakout from the ascending triangle pattern. The breakout suggests a continuation of the upward trend, with short-term targets at 1320 and 1380, and longer-term targets at 1450 and 1700. Monitoring the price action around the breakout level is crucial for confirming the trend and making informed trading decisions.
Based on the daily chart for Coromandel International (NSE: COROMANDEL), here is the summary:
Key Levels:
- Breakout Level: Around 1287-1290
Current Price:
- Current Price: 1287.85
Chart Analysis:
1. Ascending Triangle Pattern: The stock has formed an ascending triangle pattern, a bullish continuation pattern, which it has recently broken out of.
2. Breakout Confirmation: The breakout from the ascending triangle indicates a potential upward move.
3. Targets:
- Short-Term Target 1: 1320
- Short-Term Target 2: 1380
- Long-Term Target 1: 1450
- Long-Term Target 2: 1700
Strategy:
- Entry: The stock has already broken out of the ascending triangle. A potential entry point would be on a pullback to the breakout level (around 1287-1290) or on confirmation of sustained upward momentum.
- Stop Loss: Consider placing a stop loss below the breakout level, around 1260, to manage risk.
- Targets:
- For short-term trades, consider taking profits at 1320 and 1380.
- For long-term trades, the targets are 1450 and 1700.
Conclusion:
- The stock has shown a strong bullish breakout from the ascending triangle pattern. The breakout suggests a continuation of the upward trend, with short-term targets at 1320 and 1380, and longer-term targets at 1450 and 1700. Monitoring the price action around the breakout level is crucial for confirming the trend and making informed trading decisions.
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