NSE: Aditya Birla Fashion Possible Breakout above 215
After consolidation from August 2018 to Jan 2019, showing signs for breakout
The brief range of consolidation from low of 160 to high of 215
Possible Long at current level with stop loss of 190 and target 228, 236 and 249.
Time frame looks 4 weeks
A point where i can look for bear trap is 216-17 ! if a clear breakout then we are heading higher but less chance. the megaphone (small) could still insist of touching lower end of the channel after this good run. this is simple and clear !!
this stock is ranging since it is listed.
currently, it's at a level.
if it breaksout then can take a swing long position.
if not and showes 2 red candles on weekly charts then go short .
in both cases, i would take a swing trade.
I had discussed about this stock on a few occasions earlier. The expected breakout did not materialize until recently. The price action in the past few weeks / months has not invalidated the view shared in prior updates. Stock looks interesting and am keenly watching it for entry opportunities.
Detailed plotted & mentioned on Chart.
Result is good both Topline & Bottom Line.
Disclaimer: Take this information as study/education purpose only.
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Poised beautifully to give a good breakout on a long term scale! Can it finally move out of its congestion range of 180-190 range and start making new highs? Time will tell.. A good SL for this script shall be 178 on closing basis
Notice the pull back to the prior selling / breakout zone, represented by the top two horizontal red lines. Price has come back to retest or check for sellers. Notice the dip in volume in the last couple of trading sessions which represents the probe or retest.
If my assessment is right, price is likely to breakout soon. A move past 186 would be an interesting ...