After being locked in a range of 1140-1260 for more than a month, Tata Elxsi NSE:TATAELXSI has finally broken on the upside yesterday.
I can see that it formed a large bullish candle with good volume yesterday.
Good opportunity to buy here with stop loss a few points below 1260 for another cycle of upmove.
Disclaimer: Views expressed here are my own, and should...
Vedanta on formation of Range and waiting for breakout. Price and Indicators are indicating Neutral trend so need to wait for confirmation on which side will break.
Buy above - 263.50
Target 1 - 268
Target 2 - 275
Stop loss - 257
Short below - 257
Target 1 - 250
Target 2 - 253
Stop loss - 263.550
Stock has broken out of a 2 YEAR consolidation phase (range) with great momentum.
Looks like its read for a pullback/retest of previous resistance/new support.
This new support matches with the 61.8 retracement level, which is also where generally reversal happens.
Lets see how it turns out to be. If the stock makes a new high: go long, and cover short if you short now.
I think charts are enough to understand the direction... :D
Previously, whenever this stock has given Breakout or Breakdown from a range it has given a big move...
Based on, Breakout targets are 225/230/235/240+
SL will be 215
Note: Do your own study before making any position...
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