Symbol - POWERGRID
Power Grid Corporation of India Ltd. is a Maha-ratna Public Sector Enterprise and a key player in the Indian power transmission sector. It operates as a central transmission utility and is involved in the planning, implementation, and maintenance of transmission systems across the country.
Recently, the stock has exhibited a notable bullish breakout after forming an Inverse Head and Shoulders pattern. A classic reversal formation signaling a shift from a downtrend to an uptrend. Following the breakout, the stock may witness a retest of the neckline zone, which now acts as a support area - around 300 to 303 range. This zone offers a favorable risk-reward entry for positional investors anticipating further upside.
The projected target from this breakout lies near the 350-355 zone, offering a potential 17-20% upside from current levels, based on the height of the pattern added to the breakout point.
For prudent risk management, a stop loss below 280 is advisable, just below the right shoulder, to protect against unexpected downside.
Overall, the breakout of a well-formed Inverse Head and Shoulders on a higher time frame charts presents a bullish outlook for Power Grid, making it a strong candidate for medium-term investment consideration.
Disclaimer: The information provided here should not be construed as a buy or sell recommendation. It reflects my personal analysis and my trading position. Please consider this trading idea for educational purposes only. Thank you!
Power Grid Corporation of India Ltd. is a Maha-ratna Public Sector Enterprise and a key player in the Indian power transmission sector. It operates as a central transmission utility and is involved in the planning, implementation, and maintenance of transmission systems across the country.
Recently, the stock has exhibited a notable bullish breakout after forming an Inverse Head and Shoulders pattern. A classic reversal formation signaling a shift from a downtrend to an uptrend. Following the breakout, the stock may witness a retest of the neckline zone, which now acts as a support area - around 300 to 303 range. This zone offers a favorable risk-reward entry for positional investors anticipating further upside.
The projected target from this breakout lies near the 350-355 zone, offering a potential 17-20% upside from current levels, based on the height of the pattern added to the breakout point.
For prudent risk management, a stop loss below 280 is advisable, just below the right shoulder, to protect against unexpected downside.
Overall, the breakout of a well-formed Inverse Head and Shoulders on a higher time frame charts presents a bullish outlook for Power Grid, making it a strong candidate for medium-term investment consideration.
Disclaimer: The information provided here should not be construed as a buy or sell recommendation. It reflects my personal analysis and my trading position. Please consider this trading idea for educational purposes only. Thank you!
Trade active
CMP 304.25Long position initiated.
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Join me, I'll guide you to PROFITABLE TRADING.
Connect with me directly on WhatsApp: +91-9915885530
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Trading isn’t a gamble. When skill meets discipline - profit becomes the natural outcome.
Join me, I'll guide you to PROFITABLE TRADING.
Connect with me directly on WhatsApp: +91-9915885530
Join me, I'll guide you to PROFITABLE TRADING.
Connect with me directly on WhatsApp: +91-9915885530
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.