TPL Plastech Ltd: An opportunity with Cup and Handle Pattern Breakout.

TPL Plastech Ltd: An opportunity with Cup and Handle Pattern Breakout.

What is Cup and Handle Pattern Breakout?

In Simple language it is like U-shaped cup looks like a bowl or a round bottom with a handle. The handle is small when compared to cup. After the breakout the stock goes upward.

Stock name: TPL Plastech Ltd.

TPL Plastech Ltd is an Indian based company it’s mainly business of drums for bulk packaging. It also have business segments in Polymer products which is operated all over in India.

Pattern: Cup and Handle.

Time Frame: Monthly Chart.

As seen the Cup and handle pattern formation has been started long back 1 March 2018. At 1 September 2021 it has completely formed it’s cup shaped. As of today 21 June 2023 it has also completed the Handle. The stock has been ready for the Cup and Handle Pattern big breakout.

Observation:

The stock has been seen long Cup and Handle has of today 21 June 2023 from 1 March 2018. There has been seen high trade in volume and it’s a positive news. High trade volume means its an indication for a big Cup and Handle Pattern Breakout.

What Buy target one can assume?

The buy price can be Above RS 48.

What one should go for a Profit target ?

As it’s a Monthly breakout. There are three targets as per individual risk management.

Target 1- Rs. 60.

Target 2 - Rs. 68.

Target 3 - Rs. 78.

You may add to your watchlist to understand further price.

Conclusion:

It’s a good time for one can earn a handsome profit in TPL Plastech Ltd. The Cup and Handle Pattern is a Bullish signal. One can easily identify the target, stop loss. The breakout is can be easily Identified by just volume.

Disclaimer

The information provided in this blog post is for educational and informational purposes only. It should not be construed as financial advice or a recommendation to buy or sell any securities. Always do your own research and consult with a qualified financial advisor before making investment decisions.

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