After the Govt. announced it's disinvestment plans in Container Corporation of India, Prices have started soaring with Heavy Volumes. If you have a holding capacity of a year, this stock can turn out to be a Multibagger, as depicted on the long-term Weekly chart.
The stock has recently broken out a stiff resistance at 602, once. Now, if it breaks out again followed by the ATH of 666 with force, prices may go off the roof, so watch out for these levels in the coming week.
Fundamentals of the stock are sound too, with a healthy increase in Topline and Profitability. Any good corporate with strategic interests, pitching in for a stake in this company, could have this stock price sky-rocket to insane levels. A quality addition to one's long-term portfolio. T1 = 690, T2 = 830, T3 = 1000+
The chart has many more aspects covered for academic interests of readers (like Wave counts in multiple degrees, Ending Diagonals in the 5th etc), so enjoy !!
Please don't forget to 'Like' or a word of encouragement would be fulfilling too, for the hours of research that I put in before I publish any of my work :)
Cheers !!
Note: This view will be invalidated if prices reverse sharply from 666 - 675 levels.
@apoorvsinghasr Above 602. But please note this is not a short term trading idea. Only for long-term investors.
LearningJoe
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@VIISHAL, What is the level if a fresh entry or want to average down ? Understand fundamentally may be worth accumulation.
VIISHAL
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@LearningJoe, 550 is a good level as that's roughly where 38.2% retracement of a 3rd Wave rests. If the prices stabilize and consolidate above that level, it's an attractive point to add 1/3rd of your overall allocation. For the rest 2/3rd, I'd still wait for a solid validation with price closing above 602. Hope that helps.