JK Lakshmi Cement Ltd. - Up-Flag on Daily Chart

JK Lakshmi Cement is in an uptrend. After the sharp up rally from the level of Rs .397.50 the chart went into the consolidation. The price gave an upward breakout to the consolidation on a daily candle dated 7th June 2021 and closed at Rs .572.25. The breakout has a support from increased volume . I anticipate the price target of Rs .695 . I suggest the stop loss at Rs .557. The expected risk-reward ratio is 1:8. The stop loss should be followed for the first four daily candles starting from 8th 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 is earlier.
NOTE: This idea is an attempt to predict the future price movement. Investment decision based on this idea shall be solely at the risk of the investor.


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