Godfrey Phillips Long trade - Consolidation Breakout

GODFRYPHLP

This stock has broken out of a bullish flag pattern, signalling a continuation of the ongoing bullish trend. Despite the selloff on the index, this stock has held strong on friday.

Breakout occurred with good volumes

SL can be taken below the breakout candle low, giving a R:R of 1:1.3, or an SL below the monthly pivot, which would give an R:R of 1:1.

Would suggest to wait for a pullback, which will give indication regarding the strength of the breakout, as currently quite a few breakouts have failed. Entering on a pullback will also give a better R:R as well!

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Broken above R1 today itself! Strong counter.

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Good retest of the breakout zone, and now taken out R1 again.