drupadk

JMC Breakout

Long
NSE:JMCPROJECT   JMC PROJECTS IND
Since the beginning of the upmove in April 2020, the JMC Projects stock has moved up in a clear rising channel .

Since December 2020, the stock has been sideways to down and has stagnated pricewise between 65-85. This price stagnation can be clearly seen on the chart in the form of a red coloured trendline labelled "Resistance Tl".

With this week's close the stock has managed to successfully break this range bound move to the upside and has closed at a 15 month weekly closing high of 93.90 and has broken and closed above the red coloured trendline with decent volumes.

The stock should most likely continue its upmove in the short to medium term with initial targets of 106 and 133. Both these levels are historic support/resistance levels seen back in 2017-2019 which can be seen on the chart quite clearly. One can go long in JMC projects with a WCB stop loss of 87-88 .