Filatex Ltd. Up Flag on a Daily Chart

7 thg 4, 2021

Filatex Ltd. was in a consolidation of exact 3 months from 7th January 2021. The price gave a breakout today on 7th April 2021 to this consolidation with good volume support. The consolidation was preceded by a rally. I anticipate the Price Target of Rs.114 and suggest the Stop Loss at Rs. 71 for the first 5 daily candles starting from 8th April 2021. Thereafter, the profit booking/ exit decision should be initiated on negative crossover of 26 EMA by 5 EMA.
Note: This idea is not a recommendation. It is an attempt to predict the future price movement.