It's moving in a channel and making higher high. Stock is in a bullish trend. After many days of consolidation and range bound movement, It has broken range with a good delivery volume. We can expect price movent till 300 in the near term. Also closing above 300 will confirm channel breakout and further, it can give a price target of 350 in the mid-term.
This may give a breakout above 219 from the ascending triangle consolidation
THIS IS NOT A TRADING IDEA
EDUCATION ONLY
I AM A LEARNER and may be TRADING AS WELL
Trend looking Bullish on the daily time frame. A close below 177 will be our Stop loss. Otherwise Targets can be 204. Long term 286. Cement sector also looking bullish .
weekly chart...
pure price channel based movement
blue circles are support points.
orange circles shows breakout & resistance.
strong support at 177 .
I suggest to go with breakout of upertrendline.
Ascending Triangle Setup.Buy above 254 for target shown in the charts.I am very bullish on this stock, as it has formed a Symmetric Triangle on weekly charts also, look below for weekly chart setup.Buy only on breakout on the upside. Ready to Blast.
Goodluck Trading!
