Trade_setup _ 20% upside potential in BF Utilities.
BF utilities is a Kalyani Group owned company that engages in infrastructure and power generation through wind mill technology.
The chart shows the stock giving a successful breakout from:
i. Inverse head and shoulder pattern.
ii. Horizontal resistance zone(635-655)
The stock closed above both these significant resistances with a spike up in volume and a Bullish 'Marubozu' candlestick.
The target for the Inverse head and shoulder patterns projects to a target almost close to the previous swing high(around 800-815 zone).
On the downside 630 should make a good area to consider for a SL on this stock.
*Note- Views expressed here are based on personal opinions/observations. Please do your own research/analysis before taking any financial positions.
The chart shows the stock giving a successful breakout from:
i. Inverse head and shoulder pattern.
ii. Horizontal resistance zone(635-655)
The stock closed above both these significant resistances with a spike up in volume and a Bullish 'Marubozu' candlestick.
The target for the Inverse head and shoulder patterns projects to a target almost close to the previous swing high(around 800-815 zone).
On the downside 630 should make a good area to consider for a SL on this stock.
*Note- Views expressed here are based on personal opinions/observations. Please do your own research/analysis before taking any financial positions.
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