IPCA bullish flag break out
The Major pattern is the Broadening pattern which stock is following since last year October 2019, it has almost doubled from then.
but if you see from April2020, the stock was consolidating sideways forming channel pattern. So indirectly it contributed towards flag formation, it has broken upside.
Technically,
There are 2 Targets , Channel and Flag Formation
T1 = 1900
T2 = 2400 ( I can't draw the target over here beacuse of screen Limitation) Duration: 3 Months
Stoploss is below channel resistance
Strategy : get to first target, take out the profit and if price is sustain over 1900 ,take the long position.
After looking more than 90% of return from last year, T2 doesn't seems reasonable.
But Current Business scenario of IPCA favours it to some extent.
Reason : They are stronger in Biologics, Tommorow if any vaccine comes IPCA will definately contribute in "producing" it. They have something more to offer than "Hydroxy Chloroquine"
See the Volume growth from April, Product basket and intrinsic capacity favours to get over current Pandemic.
but if you see from April2020, the stock was consolidating sideways forming channel pattern. So indirectly it contributed towards flag formation, it has broken upside.
Technically,
There are 2 Targets , Channel and Flag Formation
T1 = 1900
T2 = 2400 ( I can't draw the target over here beacuse of screen Limitation) Duration: 3 Months
Stoploss is below channel resistance
Strategy : get to first target, take out the profit and if price is sustain over 1900 ,take the long position.
After looking more than 90% of return from last year, T2 doesn't seems reasonable.
But Current Business scenario of IPCA favours it to some extent.
Reason : They are stronger in Biologics, Tommorow if any vaccine comes IPCA will definately contribute in "producing" it. They have something more to offer than "Hydroxy Chloroquine"
See the Volume growth from April, Product basket and intrinsic capacity favours to get over current Pandemic.
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