Hindustan Copper Ltd.- Symmetrical Triangle Breakout

27 thg 4, 2021

Hindustan Copper Ltd. is in an uptrend since March 2020. The counter experienced the sharp up rally from the level of Rs.54 to Rs.165. Thereafter, the counter went into triangular consolidation since 2nd March 2021. This consolidation formed a symmetrical triangle with declining resistance line and rising support line. The price finally gave an upward breakout today on 27th April 2021 on daily chart and closed at Rs. 152.35. This breakout is supported by massive increase in volume. This breakout to the symmetrical triangle support supported by volume signals the continuation of an uptrend. I anticipate the price target of Rs.200 and suggest the stop loss at Rs. 145 to be followed for the first daily candles starting from 28th April 2021. Thereafter, the profit booking/ exit decision should be based on downward crossover of 26 EMA by 5 EMA.
NOTE: This is an attempt to predict the future price movement. Investment decision based on this idea, if any, shall be at the sole risk of the investor.