Sonata Software - Up-Flag on Daily Chart
Sonata Software was in a consolidation of more than one month. The consolidation was preceded by an up rally. Price gave an upward breakout to the consolidation on daily candle dated 26th May 2021 and closed at Rs.644.55. The breakout has a massive volume support. I anticipate the price target of Rs.740. Expected time frame for the price target is 15-20 daily candles. I suggest the stop loss at Rs.615 to be followed for the first four daily candles starting from 27th May 2021. Thereafter, the profit booking/ exit decision should be based on attainment of the price target or downward crossover of 26 EMA by 5 EMA whichever is earlier.
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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