Potential Multibagger!!
Broader outlook shows a potential reverse Head & Shoulder pattern.
478 level acts as key level where price approached most of the time from either side.
Now price is moving inside a falling wedge which is a bullish pattern after breakout and price is about to make a last swing low around the key level.
You can either buy after wedge breakout or accumulate around 460-500 levels for the following targets:
Short term swing target @ 785 (63.5% ROI with 3.8 R:R)
Medium term swing target @ 1100 (129% ROI with 7.75 R:R)
Long term positional target @ 2000 (316% ROI with 19 R:R)
Stop loss around 400
It can easily go beyond 2000 as well, will update the exact targets in future as chart pattern unfolds.
Stock hasn't performed well due to the cyclical nature of the metal sector.
CMP is same as it used to be 8 years ago but the growth figures are amazing.
CMP is just 17% of its book value.
Do your own due diligence before taking any action.
Peace!!
Broader outlook shows a potential reverse Head & Shoulder pattern.
478 level acts as key level where price approached most of the time from either side.
Now price is moving inside a falling wedge which is a bullish pattern after breakout and price is about to make a last swing low around the key level.
You can either buy after wedge breakout or accumulate around 460-500 levels for the following targets:
Short term swing target @ 785 (63.5% ROI with 3.8 R:R)
Medium term swing target @ 1100 (129% ROI with 7.75 R:R)
Long term positional target @ 2000 (316% ROI with 19 R:R)
Stop loss around 400
It can easily go beyond 2000 as well, will update the exact targets in future as chart pattern unfolds.
Stock hasn't performed well due to the cyclical nature of the metal sector.
CMP is same as it used to be 8 years ago but the growth figures are amazing.
CMP is just 17% of its book value.
Do your own due diligence before taking any action.
Peace!!