VigneshIyer

Descending Triangle breakout

Long
NSE:ADANIENT   ADANI ENTERPRISES
Looks good for a descending triangle but the breakout is not immediate. Purely from technical point of view the stock needs some volume to b/o or if no volume found the stock would move between the bands that are marked in the charts.
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Ideally the sl should be 1300 on closing basis of weekly closing. Targets possible above ath level is height of the triangle which gives a rought target of 1950-2000.
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From the business point of view the stock had some issue with shareholding, even though management cleared it, uncertainty still looms. So one should undertake their own Due diligence before investing here.
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Disclaimer : I am not advising buy or sell and I dont personally hold any shares of above scrip. This is purely for educational purpose and to understand the nuances of technical charts.
Comment: Decent move from 1468 to 1510. breakout yet not convincing. so will have to wait for volume action here
Comment: Some volume registered here in the counter. staggered improvement in every candle. Still b/o not confirmed we will wait

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