From past 4 years stock was trading in a downtrend. But some significant changes would have taken place in the company in recent 2 years, leading to price recovery and triangle pattern formation with strong resistance faced around 130 to 140 levels.
Stock had given breakout from this level in the month of November with a good volume and started consolidating above this level. On 28th Feb we can observe breakout from this consolidation.
Price level of 130-140 should act as immediate support. Ideal Stop loss can be at 122 for Long term trades, for Swing trades SL can be placed around 130. All possible targets are marked on the chart.
Looking at the chart from the long-term perspective, there is a possibility of another rally of 70-80% in coming years. We may even witness formation of Rounding bottom / Cup and handle in few years if on going trend prevails.
This is just a view not a recommendation to trade. Do your own analysis before making any investment.
👍 Great analysis! It's impressive to see the changes the company has made in the past two years resulting in a price recovery and the formation of a triangle pattern with strong resistance levels. The breakout from the consolidation on 28th Feb is a good sign for the stock's future growth.
💰 It's helpful to have the suggested stop loss levels for both long term and swing trades, and the marked targets on the chart. The possibility of another rally of 70-80% in the coming years is exciting, especially if the rounding bottom / cup and handle pattern forms.
🤔 It's always important to conduct our own analysis before making any investment decisions. Thank you for sharing your view and insights on this stock.
varun_devadiga
⋅
@Kapil-Mittal, Thank you for your valuable feedback. I totally agree with you.
We have to gain knowledge from this platform. But while making investment decision it is always advisable to make proper analysis.😃👍
Sonia-Singh
⋅
Very nice
varun_devadiga
⋅
@SONIA123456, Thankyou😃
rajarao.d
⋅
any update on ABCAPITAL Sir pl re analyze if possible. planning to enter
This publication has been chosen for the Editor's Picks and will feature on the page in.tradingview.com/ideas/editors-picks/.
Thank you for your valuable contribution to the TradingView community and keep up the good work!