Skipper Ltd - Triangle Pattern Breakout Formed
Fundamental Overview of company :
Skipper is the market leader in the manufacture of T&D structures and distribution poles. It is positioned among the 10 largest global T&D structure manufacturers. It is India’s largest and world's only Integrated T&D company having its own Structure rolling, manufacturing, Tower Load Testing Station & Transmission Line EPC.
Technical Analysis :
1. Bullish closing candle above recent resistance line gives confidence to show further momentum on the top side.
2. In terms of chart pattern,
SKIPPER formed triangle chart pattern breakout starting from June 2024 to Sept 2024.
3. Price struggled to close above 463.8 almost 4 consecutive days from 21 aug 2024 - 25 aug 2024 but failed to cross the resistance. but today stock price successfully closed above the resistance gives confidence for further swing.
4. Strong volume indicates the presence of heavy transactions happened at this price point indicating interest among the market participants
Risk Reward Ratio :
We can focus 1:1 risk reward ratio on this trade considering support and resistance.
Exit points :
One can consider to exit from this stock on 2 factors
1. Day candle closure below trendline
2. Day candle close below Stop loss
Skipper is the market leader in the manufacture of T&D structures and distribution poles. It is positioned among the 10 largest global T&D structure manufacturers. It is India’s largest and world's only Integrated T&D company having its own Structure rolling, manufacturing, Tower Load Testing Station & Transmission Line EPC.
Technical Analysis :
1. Bullish closing candle above recent resistance line gives confidence to show further momentum on the top side.
2. In terms of chart pattern,
SKIPPER formed triangle chart pattern breakout starting from June 2024 to Sept 2024. 3. Price struggled to close above 463.8 almost 4 consecutive days from 21 aug 2024 - 25 aug 2024 but failed to cross the resistance. but today stock price successfully closed above the resistance gives confidence for further swing.
4. Strong volume indicates the presence of heavy transactions happened at this price point indicating interest among the market participants
Risk Reward Ratio :
We can focus 1:1 risk reward ratio on this trade considering support and resistance.
Exit points :
One can consider to exit from this stock on 2 factors
1. Day candle closure below trendline
2. Day candle close below Stop loss
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