After making a weekly closing low in May 2020, MAXVIL started moving up in a well defined rising channel as shown in the chart.
The stock first broke above its rising channel resistance in the week ended 24th May 2021 by closing at 72.5. The stock finally made a weekly closing high of 77 off in early June 2021 before sliding back inside the rising channel.
After spending 3 weeks inside the rising channel, MAXVIL has once again broken and closed above the rising channel this Friday and has given a close of 79.20 which is the post crash weekly closing high for this stock. Unlike last time, this breakout has been supported by very large volumes and the momentum in this stock is bound to continue in the short term.
One can go long in MAXVIL at cmp
Stop Loss : 72 WCB (last weeks close)
Targets : the 2016-2018 bull market price levels of 91-98 are decent short to medium targets for MAXVIL
The stock first broke above its rising channel resistance in the week ended 24th May 2021 by closing at 72.5. The stock finally made a weekly closing high of 77 off in early June 2021 before sliding back inside the rising channel.
After spending 3 weeks inside the rising channel, MAXVIL has once again broken and closed above the rising channel this Friday and has given a close of 79.20 which is the post crash weekly closing high for this stock. Unlike last time, this breakout has been supported by very large volumes and the momentum in this stock is bound to continue in the short term.
One can go long in MAXVIL at cmp
Stop Loss : 72 WCB (last weeks close)
Targets : the 2016-2018 bull market price levels of 91-98 are decent short to medium targets for MAXVIL