Carborundum Universal - UP-Flag on WEEKLY Chart
Carborundum Universal, after experiencing a long rally went into the consolidation for 2.5 months since 15th February. The consolidation preceded by a rally formed an Up-Flag on the weekly chart of the counter. The price gave the decisive upward breakout on a weekly candle closing on 30th April 2021 and closed at Rs. 548 with a good volume support. I anticipate the price target of Rs.778 and suggest the stop loss at Rs.514 to be followed for the first four weekly candles after the breakout candle. Thereafter, the profit booking/ exit decision should be based on attaining the price target or downward cross over of 26 EMA by 5 EMA whichever happens earlier.
NOTE: This idea is an attempt to predict the future price movements. 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 movements. investment decision based on this idea, if any, shall be at the sole risk of the investor.
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