Classical Charting 101! A beautiful triangle breakout has happened in Alembic with heavy volumes which is a big positive! Must be considered! Can do well in the coming months!
The scrip has a long term trend line break-out ; and also macd turning bullish..I would prefer to go long at CMP 48.50 add in dips around 45.5, stop loss 40 Target 55/60. ( 2 Months time frame )
Seems an interesting setup on the weekly charts, after a nice bounce last week on decent volumes.
A close above 48-49 can possibly bring in some momentum too.
No position yet. Will keep a watch on this though.
Alembic Ltd breaking out of channel/consolidation zone.
Its moving up with increasing volumes from past 5 days which is sign of strength.
Swing Traders can enter this trade with First Target of 52 presenting 18% upside from CMP.
Weekly close above 52 necessary for further momentum.
Target 52
Sl- 41.4
