MAYURUNIQ
is consolidating in a channel pattern for more than 18 months and it looks ready and bullish to break it and give a big upmove. It retraced after giving a breakout from its previous horizontal resistance and it may break the channel pattern with the next upmove.
Another bullish sign is that the stock moved to virgin territory and is spending some time there. A breakout under this condition, can create exponential volatility.
Look to enter at CMP levels and if stock retraces back to support trendline, add more quantity.
Entering now is more riskier than entering after the breakout+retrace as the stock could retrace all the way back to the channel's support before making a move for the breakout.
After the break, targets of 800+ can be achieved in 1-3 months.
Trade active:
Heavy profit booking seen. Price could go all the way back to support of channel or go sideways, slowly climbing back above 600.