This chart came on my watch before 2 weeks @ 160. The stock has clear resistance at 140 and it has successfully broken it with higher volume. More importantly I loved the rounding bottom pattern it has created over the period of 4 years. This is the father of all the pattern and one can expect HUGE returns from these breakouts. Here R:R ratio is very much favorable because I was waiting for the stock to retest its previous resistance. In last 2 weeks it has consolidated around 20% and now somewhere near its previous resistance of 140. Try to accumulate the stock between 133 to 150. Do not buy above 170.
One more reason I wanted to buy this stock is because before few weeks stock has gained 60% in a week. There may be a possibility of insider buying. Someone inside the company may have some information and they bought the stock with some information which may not be available for outsiders.
CMP - 139.
Target - 218, 350 Weekly.
SL - 120 Weekly closing basis.
View - Medium to long term. (around 2 years)
One more reason I wanted to buy this stock is because before few weeks stock has gained 60% in a week. There may be a possibility of insider buying. Someone inside the company may have some information and they bought the stock with some information which may not be available for outsiders.
CMP - 139.
Target - 218, 350 Weekly.
SL - 120 Weekly closing basis.
View - Medium to long term. (around 2 years)