Scorpio, seems pretty strong breakout with huge volume. If stock does not revert back to the NR range in next 1 or 2 days but show some more green wide bars, then this is valid breakout.
Else it could be a false break as well. We will know only where further price action develops.
Regarding Targets - you will have to depend on any other method for that. Based on Pivot High.Low, the target is already hit. It has already hit prev high today giving possible double top..
If you use consolidation zone as center point of other trend.. then from the trend low of 800 to low of consolidation zone ( approx 75 to points) can be added to the top of consolidation zone as potential target. In this case it shd be approx 950 + 75 = 1025 or so. You could also use the width of NR range as minimum target.
Psychological number of 1000 on its own is quite strong price level, so that could also be a target.
In short, it all depends on your strategy. We all will intepret same chart differently.
As far as I read this chart, the breakout looks strong. It would have been dream for daytrader today. But on longer TF, it has gone into strong resistence zone, Most of the targets that can be projected using few methods as I mentioned above are also hit. Daily Stochastics is also nearing the OB zone. And in general the lack of conviction for upmove that is building up in most of global indices, will keep me away from taking long positional entry. It market reverses here then Axis will also come down with it.. giving us false breakout..
If market remains sideway then we might see it AXIS going up on intraday to 1 or 2days timeframe. but for any trend beyond that, we have to look at bigger picture.
Best strategy will be to trail your stop and ride the move.
Happy Trading.
Else it could be a false break as well. We will know only where further price action develops.
Regarding Targets - you will have to depend on any other method for that. Based on Pivot High.Low, the target is already hit. It has already hit prev high today giving possible double top..
If you use consolidation zone as center point of other trend.. then from the trend low of 800 to low of consolidation zone ( approx 75 to points) can be added to the top of consolidation zone as potential target. In this case it shd be approx 950 + 75 = 1025 or so. You could also use the width of NR range as minimum target.
Psychological number of 1000 on its own is quite strong price level, so that could also be a target.
In short, it all depends on your strategy. We all will intepret same chart differently.
As far as I read this chart, the breakout looks strong. It would have been dream for daytrader today. But on longer TF, it has gone into strong resistence zone, Most of the targets that can be projected using few methods as I mentioned above are also hit. Daily Stochastics is also nearing the OB zone. And in general the lack of conviction for upmove that is building up in most of global indices, will keep me away from taking long positional entry. It market reverses here then Axis will also come down with it.. giving us false breakout..
If market remains sideway then we might see it AXIS going up on intraday to 1 or 2days timeframe. but for any trend beyond that, we have to look at bigger picture.
Best strategy will be to trail your stop and ride the move.
Happy Trading.
