Stock started its upward journey in Dec,16.
The Stock turned out of be a multibagger giving returns of about 468% in just one year.
However from last one year stock has been trading in a range of 200 points ( 640-440 levels).
Hence , a decisive break is needed to see a trending move in the stock, till then wait and watch.
Aroon up shows a strong reversal (14 days), with chande oscillator reaching its support levels, a strong recovery in its new high will be seen, with a target of 492
In the near-mid term we get a small profit booking, we will try to accumulate partially 544-509 due to preceding trend not follow the trend line then suddenly raised & corrected, if it repeat same might be possible to break support trend line and make a lower low, instead hold support zone we can take partially and after confirmation will accumulate...
TGC with strength candle
Reversal confirmation
CCI all time frames >100
W High > 592 awaited
SL 465
Target 620 / 670 / 790
Duration 4 weeks
Retraced from 23.6% Fibo (around 480)
Volume Surge
The stock after moving in an uptrend went into a narrow range forming equal highs and higher lows which is the Ascending Triangle pattern. 2 days back it gave a breakout with volumes and now it is retesting the breakout levels. It is good buy at CMP at 406.5 with a stop loss of 390 and a target of 445.
Seems to have broken recent resistance levels. Ichimoku indicator suggests that trend is got fresh life especially since the lagging indicator i.e. senkou line is now clear of recent price action zone. Plus huge volumes through this wedge like pattern breakout suggests a buy. Expect targets of close to 460 in next few trading sessions. Positional traders can even...
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