Rain Industries | Breakout | Ready to move upside

The stock is currently moving in a parallel channel forming a bit of rising wedge on a weekly chart.
The current price trend has been nicely supported by volume trend as well,
The stock has breached the multiple time resistance of 148.30 with higher than average volume indicating a positive signal. And now is moving towards its short term targets of TG1 - 159.35 and TG2 - 177.30, with a long term view at 229.10 .
The past support & resistance trendline depiciting the targets are very much alingned with the Fibonacci retracement to have a stronger conviction.

CMP - 151.90
TG1 - 159.35 (4.9%)
TG2 - 177.30 (16.7%)
Long term Target - 229.10 (50.8%) ; Long term stop loss - 129.45 (-14.78%)
Risk : Reward Ratio --> 1:3.4

The Analysis is done completely based on personal knowledge and to share with others for educational purpose.
It isn't any sort of recommendation. Please consult your financial advisor before any investment related decision.


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