Balrampur Chini Mills Ltd. Up Flag
Balrampur Chini Mills Ltd. is in an uptrend since July 2018. The counter has seen today (8th April 2021) the price pattern known as an Up-Flag. Please observe that the counter was in a consolidation for last one month. The consolidation formed the cloth of the flag. This consolidation was preceded by a rally forming pole of the flag. The consolidation got an upward breakout today and closed at Rs.235.50. This breakout has a good volume support. I anticipate the first price target of Rs.270 and suggest the stop loss at Rs.223 to be followed for the first 4 daily candles starting from 9th April 2021. Thereafter, the profit booking/ exit decision should be initiated on downward crossover of 26 EMA by 5 EMA.
NOTE: This is an attempt to predict the future price movement. The investment decision shall be on the sole risk of the investor.
NOTE: This is an attempt to predict the future price movement. The investment decision shall be on the sole risk of the investor.
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