The stock has been following the ascending trend of higher highs and higher lows for a few weeks now.
There is a pattern emerging by looking at the chart, which I have divided in 3 phases.
Each phase is preceded by high volume, followed by consolidation. As soon as the price has touched the trendline, we have observed a spurt in volume and price.
If the history repeats, as we are standing in the current situation, we can very soon expect a breakout to levels of 565.
The stop loss can be maintained at 430, which was the resistance level before the previous breakout.
Supporting technicals:
RSI: 56.7 (ModeratelyBullish but not overbought)
ADX: 30 (Suggesting strong trend)
P.S: This idea is for educational purposes only and should not be construed as an investment advice.
There is a pattern emerging by looking at the chart, which I have divided in 3 phases.
Each phase is preceded by high volume, followed by consolidation. As soon as the price has touched the trendline, we have observed a spurt in volume and price.
If the history repeats, as we are standing in the current situation, we can very soon expect a breakout to levels of 565.
The stop loss can be maintained at 430, which was the resistance level before the previous breakout.
Supporting technicals:
RSI: 56.7 (ModeratelyBullish but not overbought)
ADX: 30 (Suggesting strong trend)
P.S: This idea is for educational purposes only and should not be construed as an investment advice.