AU BANK, Buy Strategy!
AU BANK has been consolidating and trading in a range since about 2 years now. When will it break out? I don't know, and if anyone says they do, they are gambling. But what I can say is that if price breaks out of the range with good volumes, there is a good chance that we will see the price trending upwards for some time, which would be a very good opportunity to make some healthy profits. Keeping that in mind -
Buy above the white channel, if stock breaks out with healthy volumes.
Stoploss below just below the white channel.
A target of 940 is certainly achievable, maybe even more considering how long it has been consolidating on the weekly chart.
That said I would still advise the age old practice of having a trailing stop loss in the form of a moving average or ATR, whichever floats your boat.
Buy above the white channel, if stock breaks out with healthy volumes.
Stoploss below just below the white channel.
A target of 940 is certainly achievable, maybe even more considering how long it has been consolidating on the weekly chart.
That said I would still advise the age old practice of having a trailing stop loss in the form of a moving average or ATR, whichever floats your boat.
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