Sumitomo has been moving in a channel pattern and on verge of a breakout from upper channel - volumes have been decent
CMP -350
Target 1 - 353
Target 2 - 383
ideally it is advisable to take such trades when a stock is BEGINNING to move up the channel after taking support at lower channel. 276 would have been the ideal level..but even now it is fine. Watch for breakout. Calculate your own risk/reward
CMP -350
Target 1 - 353
Target 2 - 383
ideally it is advisable to take such trades when a stock is BEGINNING to move up the channel after taking support at lower channel. 276 would have been the ideal level..but even now it is fine. Watch for breakout. Calculate your own risk/reward
Comment:
Trading currently at 372.
if you are looking at this as a swing trade you can hold for longer period. Use your own discretion or take advice from your financial advisor. This is just an idea,