Delta Corp Ltd. - Daily Chart Analysis
The daily chart of Delta Corp Ltd. reveals a potential breakout scenario from a consolidation pattern, offering a favorable risk/reward trade setup. The trade parameters are as follows:
Entry: Around 135.16 INR
Target: 172.95 INR (Potential upside: 27.97%)
Stop Loss: 123.08 INR (Potential downside: 8.94%)
Risk/Reward Ratio: Approximately 3.13:1
Delta Corp Ltd. has been trading within a descending triangle, a pattern typically considered bearish, but it appears to be finding support near the 122.46 INR level. The recent breakout above the upper trendline suggests a reversal could be underway, targeting the 172.95 INR level based on the Fibonacci extension. The increase in volume supports this bullish breakout. This setup presents an attractive opportunity for traders seeking a high-risk/reward trade as the price could continue to rally if it sustains above the breakout level.
Entry: Around 135.16 INR
Target: 172.95 INR (Potential upside: 27.97%)
Stop Loss: 123.08 INR (Potential downside: 8.94%)
Risk/Reward Ratio: Approximately 3.13:1
Delta Corp Ltd. has been trading within a descending triangle, a pattern typically considered bearish, but it appears to be finding support near the 122.46 INR level. The recent breakout above the upper trendline suggests a reversal could be underway, targeting the 172.95 INR level based on the Fibonacci extension. The increase in volume supports this bullish breakout. This setup presents an attractive opportunity for traders seeking a high-risk/reward trade as the price could continue to rally if it sustains above the breakout level.
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