SHANKARA - CWH pattern

The stock is presently trading below its 200-day moving average (MA) following a substantial increase in profits of nearly 100% since March 2022. Interestingly, the stock was at similar levels during March 2022. During that time, a CWH pattern emerged, featuring a neckline at the 786 level. The breakout from this pattern occurred with significant trading volume, resulting in a 20% upward movement, which suggests potential institutional interest.

From a fundamental standpoint, the company is delivering impressive results in terms of both revenue and profits. Additionally, the company has outlined promising expansion plans in its recent presentation.

Short-term target: 890
Long-term target: 970

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