Channel Breakout

Updated

Birla Soft has been in a downtrend for a long time. If you just observe till April 21 April it was in a down trend. slowly the momentum turned and buying came in as other IT stocks also started doing well. After going up 30% it took a pause in June and now again on 13 July it breaks off. momentum can be seen very strong on 60 M Chart and 15 Min chart as well which clearly indicates that buyers are fully on in this stock.

Note

Relative volume on buy days is quite high compared to its average. Hence it makes a strong candidate for up move hold it for some time. Initial stop loss is 345 and lets see how does it go.

Note

Great Profit on this stock. It is still strong.

AhmedMF

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