Daawat - Up Flag on Weekly Chart

٩ أبريل ٢٠٢١

Weekly chart of Daawat was in a prolonged consolidation of 8 months. This consolidation was preceded by a rally. The consolidation on the weekly chart got a prominent breakout today on 9th April 2021 and closed at Rs.68.25 with massive volume support. I anticipate the price target of Rs.100 in a period of about 4 months. Here I suggest the stop loss at Rs.63 to be followed for the first four weekly candles. Thereafter, the profit booking/ exit decision should be initiated on a downward crossover of 26 EMA by 5 EMA.
NOTE: This is an attempt to predict future price movements. Any investment decision should be at the sole risk of the investor.