Since breakout (May'22), the stock given a return of 100% and retrenched to fib level. On analysis the chart the on shorter time frame, solid strength visible for long term investment and expected target will be Rs 580.
The stock was consolidating in range of Rs 219 – 260 from past 3 months, clear resistance breaks visible in chart.
Golden Crossover, the moving average crossover of 50 & 200 showing confirmation of a long-term trend and volume confirm the strength in breakout.
Thanks -AJ
Disclaimer: The chart analysed for educational purpose only.
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stock given a 80% return from support level in past 7 trading session.
Trade closed: target reached
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demerged company "Red Tape" listed today with 80% premium.
Very nice analysis, but I had a query. Correct me if I am wrong, but isn't the trend showing a death cross instead of golden cross as stated by you and implying a long term bearish pattern?
J_ankit
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@rahul0906, it is not a death crossover as short term moving is above long term moving average.
Kapil-Mittal
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It's always encouraging to see solid strength in a stock for long-term investment. The fact that the stock broke through its resistance levels and the Golden Crossover is confirming a long-term trend is definitely positive news for investors.
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