Ankit_Oberoi

WELSPUN CORP- Strong Breakout

Long
NSE:WELCORP   WELSPUN CORP LTD
Hi All,
I hope you are all doing good:)
The market is currently in a phase which nobody would prefer it to be. But this is the time where we should work hard so that when the wind starts flowing in our preferred direction, we would be the first one to reach the coastline.

I was excited for this weekend as I had a clear objective of finding out stocks which did not fall much this week and held their ground. And, I was completely surprised by this chart. In such times when there is bloodbath going on in the benchmark index and majority of the major stocks, this stock has given a clear breakout of a 7 month old resistance.

Now, I would still not go and simply buy this stock on Monday. I would still wait for a pullback as it is good to be cautious during such market phase. But it is definitely worth putting this stock under our watchlist and observe. Do not let FOMO take over, if this stock is showing such strength then trust me it will give huge targets to cherish at the right time.

Now as a homework, analyse the stock on different time frames. Establish your own view. Mark support and resistance lines yourself (you can share your chart with me in DM ). If you are good at fundamentals, go through them and let me also know. In short, create a PLAN!

Like I always say, let's learn and earn together. Cheers! ;)