Jain Irrigation is now looking for a breakout from 3 & half year long triangle pattern with solid volumes, if sustain then can see 15-20% in next 2-3 months and 50-70% up move from current level in next 1 year, Look for a long trade here with sl as per support line.
Go long if the setup forms successfully.
Great targets and Risk/Reward.
Plus, fundamentally strong company, aggressive expansion, good monsoon forecast will also benefit leading to the formation this setup.
It has been observed in JISLJALEQS chart that shot term break out near 98.6. At the time of retracement it is formed bull reversal candle in an up tread, can watch near Current market price for short term target at 108. stop loss below 96.
Post bottom reversal, the stock has been trading in the Symmetric Triangle in intermediate trend running across weeks. The Triangle was breached with Bullish expectation, and the stock is righ now in tilted rectangle - almost like a flag consolidation amidst a rally. Would be expected to break out and rise with gap.
It is been observed that the price action breaking above the downward channel indicating buyers domination over price action. Buyers shall further take prices up from current levels.
Target 1: 96
Target 2: 100