Borosil Ltd. - Inverse Head & Shoulder on DAILY chart

٦ مايو ٢٠٢١

Borosil Ltd. was in a downtrend since 31st December 2020. The counter has formed the Inverse Head & Shoulder price pattern with an upward breakout to the neckline and closed at Rs.227.65 on 6th May 2021. The breakout candle has got a massive volume support. I anticipate the price target of Rs.280 and suggest the stop loss at Rs.216 to be followed for the first four daily candles starting from 7th May 2021. Thereafter, the profit booking/ exit decision should be based on achievement of the price target or downward crossover of 26 EMA by 5 EMA whichever happens 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.