The stock was moving in an ascending channel for a few weeks now, making higher highs and lower lows.
Traders can buy the stock at cmp as it has broken above the upper channel line of an ascending channel. The move was well supported by significant rise in volumes, which confirms the authenticity of the breakout.
Considering the weekly charts, the next resistances are placed at 286 and 319, which can be taken as short to medium term targets.
Depending on your risk profile, you can keep the stop loss levels at 250 or 230.
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Traders can buy the stock at cmp as it has broken above the upper channel line of an ascending channel. The move was well supported by significant rise in volumes, which confirms the authenticity of the breakout.
Considering the weekly charts, the next resistances are placed at 286 and 319, which can be taken as short to medium term targets.
Depending on your risk profile, you can keep the stop loss levels at 250 or 230.
Please follow us for more trading setups like these.
If you have any queries/suggestions related to above pattern, feel free to type below in the comment section.
Do show your love by pressing the like if you liked the idea.