Bounced from Weekly demand zone
Previously formed rounding bottom but failed to achieve target and came at the same level rounding bottom breakout
Bounce from weekly demand zone with volumes suggest probable reversal of downtrend
CAUTION
Closing below the demand zone will confirm the HEAD AND SHOULDER PATTERN and stock will be extremely weak and can be dragged below 400 -350 levels. So Loss booking is very essential if stop loss is triggered
At current levels and on the background of America Iran -Isreal war it is extremely risky to initiate long positions as stock can tumble down if H And S pattern is completed.
Still calculated risk can be taken and long position can be initiated at current level (715) or on slight correction till 680
Target : 2854 (300%)
Stop loss : 577 (-19%) on weekly closing basis
RISK REWARD RATIO : 1:15
Time horizon : 8 years
ONLY FOR INVESTMENT PURPOSE
NOT FOR SHORT TERM TRADING
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