Gujarat Mineral Development Co.Ltd. - Up-Flag on Daily Chart

The daily chart of GMDC was in a consolidation of one month since 12th May 2021. This consolidation was preceded by an impressive rally. Price gave an upward breakout to the consolidation on a daily candle dated 11th June 2021 and closed at Rs.78.25. This breakout is supported by massive increase in volume. Here I anticipate the price target of Rs.103 in a time frame of about 12-15 daily candles. I suggest the stop loss at Rs.75. The resultant risk-reward ratio is 1:8. The stop loss level of Rs.75 should be followed for the 4 daily candles starting from 14th June 2021. Thereafter, the profit booking/ exit decision should be based on attainment of the price target or downward crossover of 26 EMA by 5 EMA whichever happens earlier.
NOTE: This idea is an attempt to predict the future price movement. Investment decision based on this idea, if any, shall be solely at the risk of the investor.