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Long

CESC - IH&S - Bullish Chart setup

CESC (NSE:CESC)  
NSE:CESC   CESC
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The stock had initially broken out of a downward sloping channel and had held for quite sometime. After much of consolidation it has started moving up again and also has formed a inverted H&S pattern. Stock can be bought at cmp 638 with a target of 680. SL 625 (should trade below this level for sometime). Would not be surprised if this stock breaks 700 also.
Comment: Stock had hit 677-78 zone last week. Correction to 660 can be bought for a target of 700.
Trade closed: target reached: Stock has finally broken 700 and made a high of 740 level. Thanks to the rumour on corporate structuring. Though there may be more upside, risk/reward is high and hence one may close the position
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