Container Corporation of India - Up Flag on Daily Chart
Concor was in a consolidation for last 2.5 months. The consolidation was preceded by an impressive rally. The price gave an upward breakout to the consolidation on a daily chart on 24th May 2021 and closed at Rs.634.55. The breakout candle is supported by massive rise in volume. I anticipate the price target of Rs.792 and the time frame of around 3 moths to achieve the target. I suggest the stop loss at Rs.600. The risk-reward ratio is 1:4.5. The stop loss should be followed for the first four daily candles after the breakout candle. Thereafter, the profit booking/ exit decision should be based on attainment of the price target or downward crossover of 26 EMA by 5 EMA.
NOTE: This idea is an attempt to predict the future price movement. Investment decision based on this idea, if any, shall be at the sole risk of the investor.
NOTE: This idea is an attempt to predict the future price movement. Investment decision based on this idea, if any, shall be at the sole risk of the investor.
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