Ester Industries Ltd. was in a prolonged consolidation of almost 6 months. This consolidation was preceded by an up-rally. This price behaviour has formed the price pattern called Up-Flag on the weekly chart of this counter. The price gave the upward breakout on weekly chart for the week started on 26th April and ended on 30th April 2021. This weekly breakout candle closed at Rs. 146.40 with massive volume support. I anticipate the price target of Rs. 210 and suggest the stop loss at Rs.133 to be followed on the first four weekly candle succeeding the breakout candle. Thereafter, the profit booking/ exit decision should be based on achievement of the price target or downward crossover of 26 EMA by 5 EMA whichever happens earlier.
NOTE: This idea is an attempt to predict future price movements. Investment decision based on this idea, if any, shall be at the sole risk of the investor.
NOTE: This idea is an attempt to predict future price movements. Investment decision based on this idea, if any, shall be at the sole risk of the investor.