The stock has been consolidating in the range of 82 and 103 from almost 3 months and has now broken out on the upside. From medium term prespective, flag formation has come into picture (targeting 130-135) which is a bullish pattern and we see it near the end of the bull rally in the price chart. From long term prespective, the stock has formed a cup and handle formation which is also a bullish signal and targets 130-135 areas.
On the basis of Elliot wave counts, the stock is in Wave 5 of primary Wave I, also suggesting the end of rally near 130-135 levels. The reason being Wave 1 & 5 tends towards equality when Wave 3 is extended which in this case is. Buying this stock would be a good option for short to medium term with the stop losses below 90.
On the basis of Elliot wave counts, the stock is in Wave 5 of primary Wave I, also suggesting the end of rally near 130-135 levels. The reason being Wave 1 & 5 tends towards equality when Wave 3 is extended which in this case is. Buying this stock would be a good option for short to medium term with the stop losses below 90.
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