Castrol India Ltd - Triangle and Channel Breakout - Long

Hi Guys,

Please find the detailed analysis of my view in Castrol India Ltd

Time Frame of Chart - Daily
Current Trend: Bullish
Trend Reversal Pattern found in Candle Stick: Yes - Bearish Engulfing
Volume Support the Reversal based on Candle Stick : No
Whether EMA50 Cross EMA200? Cross
ATR Volatility? Down
Chart Pattern: Triangle and Parallel Channel
Build Up happened before /after the breakout of the Chart Pattern? Yes
Breakout Happened? Yes
Breakout Happened with god volume in Chart Pattern? Yes
Post Breakout Next Candle in-line with breakout candle? Yes
Retest Happened? Yes
CPR? - Bullish Bias
What type of CPR? Narrow
Previous Virgin CPR is there? NO
Whether Breakout happened near the CPR? Yes

Support: 143.20
Resistance: 181.75

Trading:

Buy : Above 145.75
SL - 140.50 ( Closes Above Daily in TF)
Target - 181.75
Risk: 5.25
Reward: 36
Ratio: 1:6.9

Trade is Favorable ? Yes

Regards,
Thenali Views.
Disclaimer: Kindly do your own analysis before executing the trade or contact
your financial advisor.