TEJASNET trade ideas
Tejas Networks - Breakout after long consolidation Tejas Networks made a post crash weekly closing high of 218.7 in the week ended 15th February 2021. Since then, the stock has been trading in a tight range between 160-200. The stock finally broke out of its range this week with a weekly close above 200 - the highest weekly close in 4+ months.
One can buy Tejas Networks at cmp and add when it gives a weekly close above 220.
Target: Hold with medium to long term price targets of 250-285-374. All of these are price levels from 2018-2019
Stop Loss: 177 WCB.
Pennant Breakout | TEJAS NETWORKS 🌐TEJASNET daily: Looks good for more upside at CMP
1) Pennant Pattern BO
2) Optical and data networking products company
A pennant is a type of continuation pattern formed when there is a large movement in a security, followed by a consolidation period followed by a breakout movement in the same direction as the initial large movement.
The initial move is met with large volume while the pennant have weakening volume.
TEJAS NET in a Breakout zone!!!TEJAS NET is in a breakout zone !!
Can expect an upside move if 219-220 ranges is broken.
Stop loss @200-205 ranges! Maintain strict stop loss to restrict loss.
Don't take this trade blindly, analyze the stock and only trade after it passes your analysis !!
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