Lupin - Up-Flag on WEEKLY chart
Lupin Ltd. was in a consolidation since September 2020. The consolidation was preceded by an up rally. The price gave the upward breakout on a weekly chart and closed at Rs. 1196.55 with huge volume support. This formed the price pattern known as up-flag on the weekly chart of this counter. I anticipate the price target of Rs.1,600 and suggest the stop loss at Rs.1,130 to be followed for the first four weekly candle after the breakout weekly candle. Thereafter, the profit booking/ exit decision should be based on achievement of the price target or downward crossover of 26 EMA by 5 EMA whichever happens earlier.
NOTE: This idea is an attempt to predict the future price movements. Investment decision based on this idea, if any, shall be solely at the risk of the investor.
NOTE: This idea is an attempt to predict the future price movements. Investment decision based on this idea, if any, shall be solely at the risk of the investor.
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