BALKRISHNA INDUSTRIES BREA-KING OUT FROM CUP AND HANDLE PATTERN
The stock has been in consolidation for quite long and was forming a cup and handle pattern
the red line acts as a crucial support zone for the stock and the green line acts as a strong resistance which was broken lately .
The stock has given a gap up in last trading session with good volumes which increases further reliability in the stock . the stock can fire up to 3592 levels with some halts in the long run lasting 4 to 6 months
However the company acts at a quite expensive PE of 34 which is way ahead of indutry average of 23 which may be cause of concerns , the piotroski score is 8 , ROCE AND ROE are balanced and above 17 also the debt is negligible also the profitability has touched sky with an increase of 40% YoY BASIS
the red line acts as a crucial support zone for the stock and the green line acts as a strong resistance which was broken lately .
The stock has given a gap up in last trading session with good volumes which increases further reliability in the stock . the stock can fire up to 3592 levels with some halts in the long run lasting 4 to 6 months
However the company acts at a quite expensive PE of 34 which is way ahead of indutry average of 23 which may be cause of concerns , the piotroski score is 8 , ROCE AND ROE are balanced and above 17 also the debt is negligible also the profitability has touched sky with an increase of 40% YoY BASIS
Trade closed: target reached
3240 ALREADY
ALTHOUGH THE TARGET WAS 3592 BUT I THINK PROFIT BOOKING MUST BE THE IDEAL SITUATION
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.