From past 4 years stock was trading in a downtrend. But some significant changes would have taken place in the company in recent 2 years, leading to price recovery and triangle pattern formation with strong resistance faced around 130 to 140 levels.
Stock had given breakout from this level in the month of November with a good volume and started consolidating above this level. On 28th Feb we can observe breakout from this consolidation.
Price level of 130-140 should act as immediate support. Ideal Stop loss can be at 122 for Long term trades, for Swing trades SL can be placed around 130. All possible targets are marked on the chart.
Looking at the chart from the long-term perspective, there is a possibility of another rally of 70-80% in coming years. We may even witness formation of Rounding bottom / Cup and handle in few years if on going trend prevails.
This is just a view not a recommendation to trade. Do your own analysis before making any investment.
Share your opinion in the comment section.
ABCAPITAL
Stock had given breakout from this level in the month of November with a good volume and started consolidating above this level. On 28th Feb we can observe breakout from this consolidation.
Price level of 130-140 should act as immediate support. Ideal Stop loss can be at 122 for Long term trades, for Swing trades SL can be placed around 130. All possible targets are marked on the chart.
Looking at the chart from the long-term perspective, there is a possibility of another rally of 70-80% in coming years. We may even witness formation of Rounding bottom / Cup and handle in few years if on going trend prevails.
This is just a view not a recommendation to trade. Do your own analysis before making any investment.
Share your opinion in the comment section.
ABCAPITAL