Marine Electricals (India) Limited is showing a textbook breakout on the daily timeframe.
For the past two months, the stock has been trading within a well-defined rectangular consolidation box, building a strong base between the ₹375 support and ₹440 resistance levels.
Today's price action shows a decisive bullish breakout above the upper boundary of this box, closing near the day's high at ₹467.45.
This move is backed by healthy volume, indicating strong buyer conviction.
Additionally, the significant volume spikes observed during the accumulation phase inside the box (late September) suggested that institutional buying was occurring ahead of this upward expansion.
Trade Setup
Entry Point: Consider entering at the current market price (₹460 - ₹470) or accumulating on a minor retest of the previous resistance-turned-support zone around ₹440 - ₹450.
Target: ₹505 - ₹525.
(This is calculated using a standard measured move: projecting the height of the consolidation box—approximately 65 points—upward from the ₹440 breakout level).
Stop Loss: ₹425.
(Placed just below the breakout level and the low of the breakout candle. A daily close below this level would invalidate the breakout setup and suggest a return to the ranging market).
For the past two months, the stock has been trading within a well-defined rectangular consolidation box, building a strong base between the ₹375 support and ₹440 resistance levels.
Today's price action shows a decisive bullish breakout above the upper boundary of this box, closing near the day's high at ₹467.45.
This move is backed by healthy volume, indicating strong buyer conviction.
Additionally, the significant volume spikes observed during the accumulation phase inside the box (late September) suggested that institutional buying was occurring ahead of this upward expansion.
Trade Setup
Entry Point: Consider entering at the current market price (₹460 - ₹470) or accumulating on a minor retest of the previous resistance-turned-support zone around ₹440 - ₹450.
Target: ₹505 - ₹525.
(This is calculated using a standard measured move: projecting the height of the consolidation box—approximately 65 points—upward from the ₹440 breakout level).
Stop Loss: ₹425.
(Placed just below the breakout level and the low of the breakout candle. A daily close below this level would invalidate the breakout setup and suggest a return to the ranging market).
Trade fechado: stop atingido
Stoploss hit..
Aviso legal
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Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.