VRL Logistics is showing a Breakout in its weekly Charts, & last week it showed strength returning.
Currently ruling at 353, chances are much higher that it may move towards 375/380.
However, before making that move; buy till lower levels of 336 if-at-all it comes down using position sizing.
Keep a SL at 327. Initial Targets are 375/380.
VRL logistics has formed a symmetrical triangle pattern with volumes drying up. Theoretically it can break upwards or downwards. I feel that it has more reasons to break upwards. The macro factors like GST factors and election in Karnataka next year might be positive for the stock in coming months. It can be bought now or after the break out with a tight stop loss...
The stock is at a major support zone:-
--> Taking support of the rising price channel
--> Taking support of the Ichimoku Cloud
--> Near the previous high
--> Retesting the 50-day Moving Average
Target: 365-375
Stoploss: 310
