A breakout is defined as price movement above or below a predefined level. A breakout backed by a surge in volumes is considered to be more reliable to act upon.
A trader trading on the basis of breakouts would consider entering a long position once price moves above a resistance level or would consider a short position after price falls below a support level.
The reason breakout chart patterns have gained popularity is they are easy to identify, frequent in occurrence and are the starting point for a reversal in trend or continuation accompanied by a surge in volatility.
With Nifty index opening on a fresh lifetime high, following is the list of stocks that are on a verge of giving a fresh technical chart pattern breakout:
|Symbol||CMP||Chart Pattern||View||Potential Move|
|Syndicate Bank||Rs 72.3||Double Bottom Breakout||Bullish||~+15%|
|Gujarat State Fertilizer Ltd.||Rs 145.75||Ascending Triangle Breakout||Bullish||~+7%|
|Rallis||Rs 252.65||Flag Breakout||Bullish||~+10%|
|Indian Bank||Rs 270.25||Double Bottom Breakout||Bullish||~+8%|
|KSCL||Rs 573.15||Double Bottom Breakout||Bullish||~+5%|
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