After an all time high breakout the stock went into a 5week consolidation and 14%range and broke out last week.
If we observe monthly chart i usually like stocks who consolidate near the resistance and then break out. But as you can see a rally of almost 95% in 5 months was done.(Highlighted Area) The stock broke the ATH with out consolidating much which losses my conviction.
So i would like to take only a pilot position here and then eventually pyramid while the stock makes new Highs.
140-160 zone shall now act as support / demand zone. If the stock retraces back to these levels and you see buying coming at these levels than you can add more. If it closes and sustain below these levels on a weekly timeframe than our view stands invalid. Until then we stay and trade as per planned.
Stock is trading above all its key moving averages.
As per the trend based fib levels 215 - 255 - 300 levels can be tested in the long term.
Disclaimer: This is just an analysis and not a buy/sell recommendation. If you intend to trade this counter then do your own due diligence and trade at your own risk.
If we observe monthly chart i usually like stocks who consolidate near the resistance and then break out. But as you can see a rally of almost 95% in 5 months was done.(Highlighted Area) The stock broke the ATH with out consolidating much which losses my conviction.
So i would like to take only a pilot position here and then eventually pyramid while the stock makes new Highs.
140-160 zone shall now act as support / demand zone. If the stock retraces back to these levels and you see buying coming at these levels than you can add more. If it closes and sustain below these levels on a weekly timeframe than our view stands invalid. Until then we stay and trade as per planned.
Stock is trading above all its key moving averages.
As per the trend based fib levels 215 - 255 - 300 levels can be tested in the long term.
Disclaimer: This is just an analysis and not a buy/sell recommendation. If you intend to trade this counter then do your own due diligence and trade at your own risk.