JK Cement Long Trade

4 thg 9

The stock formed a rounding bottom on weekly chart. It gave a breakout above the Rounding Bottom Resistance line. Post break out the resistance became support. This support was retested with a follow up upside move testing the next resistance zone. The stock gave a breakout with decent volumes and with RSI moving higher. Ideal set up for long trade with target of rounding bottom being 5250-5300 and SL of 4400.