Castrol India Limited
Long

Bullish Breakout in Castrol India Ltd: Falling Wedge Pattern Con

481
Castrol India Ltd has shown a strong bullish signal by breaking out of a falling wedge pattern on the daily chart. The breakout is accompanied by a significant surge in volume, confirming the strength of the move.

  1. Suggested Trading Levels:
  2. Entry: Near ₹220.34 (current breakout level).
  3. Stop Loss (SL): ₹195.00 (below the breakout zone and support level).
  4. Targets:
  5. Target 1: ₹250.00 (initial resistance level).
  6. Target 2: ₹280.00 (based on the height of the falling wedge added to the breakout point).


Rationale:
  • Breakout Confirmation: The price has clearly broken out of the falling wedge pattern with strong volume, indicating bullish momentum.
  • Stop Loss Placement: Below ₹195.00 ensures protection against false breakouts while respecting the wedge boundary.
  • Target Calculation: The pattern's height provides a projection toward ₹280.00, with ₹250.00 as the intermediate resistance.

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