Not investment advice. Personal view.
TGT - 140
ENTRY : close above 108
STOP - 89
Comment:
The security is breaking through it's prior resistance on significantly higher volumes and better than anticipated results.
It is also forming something of an inverted head & shoulders and an ascending wedge. There is higher volume on the second shoulder indicating a stronger than average breakout of the pattern. Given that patterns are synchronous across time frames, what has developed on the daily will hopefully continue to play out across the longer time frames.
The entry is based on the resistance formed by the previous peaks.
The target and stop-loss are based on the pattern, volume and points of support/resistance.
Lastly, the rising trend and breakout is taking place from a zone of significant support and consolidation forming an 'Adam' & 'Eve' double bottom.
A conservative investor or trader can choose to close their position at Rs. 131 or trail with a tight stop.
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It is also forming something of an inverted head & shoulders and an ascending wedge. There is higher volume on the second shoulder indicating a stronger than average breakout of the pattern. Given that patterns are synchronous across time frames, what has developed on the daily will hopefully continue to play out across the longer time frames.
The entry is based on the resistance formed by the previous peaks.
The target and stop-loss are based on the pattern, volume and points of support/resistance.
Lastly, the rising trend and breakout is taking place from a zone of significant support and consolidation forming an 'Adam' & 'Eve' double bottom.
A conservative investor or trader can choose to close their position at Rs. 131 or trail with a tight stop.