NG .. Cup & Handle pattern

   Cup & Handle pattern

10/07/2023, 12.16 PM IST

ng mcx 3 hrs chart 

As shown in the chart of NG, price is making cup & handle pattern from middle of May month. Now it made bull wedge in the form of Handle of the cup, which is our main patten. as a texxt book rule price touched 4 times to support line & resistance line of the bull wedge. Now last wave upward is going on . somewhere around 225, price will breakout from wedge and shoot up towards 240 as a target of bull wedge. But after hitting the target of bull wedge it is at the point of breakout line of cup & handle pattern . Target of this pattern is 50 rupees which will take price towards 290. 

This is positional trade . Think upon it . Jay Shriram.

Update 1

10th July 2023,

02.57 PM

Ng 4 hrs chart

Now price is moving between 221-222. Book half profit @ 221.50 & trail stop loss to 215.50. Now we have nothing to loose. Enjoy. Jay Shriram.

Update 2 .. 12/07/2023, 11:37 AM IST

As marked in the chart, yesterday NG price broke out from Bull Wedge and sustain above it. It can retest resistance line of the wedge and shoot up towards 240 mark as a target of bull wedge which is handle of the cup & handle pattern. CMP is 225 & we bought the long around 218. Now we can trail sl to ctc. 

Jay Shriram