Welspun India Up-Flag Break Out
Welspun India was in a downtrend for more than 3.5 years from June 2016. The counter tested its bottom in March 2020 and
reversed. After rallying up till the month of October 2020 the counter went into a consolidation of more than 4 months. This prolonged consolidation was broken upward on a weekly chart on 12th March 2021 with a wonderful volume support. The weekly breakout candle closed at the level of Rs.81. I estimate the price target of Rs.112 and suggest the stop loss at Rs.75 on weekly basis. The stop loss should be trailed using the EMA lines and the profit be booked on a downward crossover by 5 EMA to 26 EMA.
reversed. After rallying up till the month of October 2020 the counter went into a consolidation of more than 4 months. This prolonged consolidation was broken upward on a weekly chart on 12th March 2021 with a wonderful volume support. The weekly breakout candle closed at the level of Rs.81. I estimate the price target of Rs.112 and suggest the stop loss at Rs.75 on weekly basis. The stop loss should be trailed using the EMA lines and the profit be booked on a downward crossover by 5 EMA to 26 EMA.
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