A triangle breakout can push price up by 35% in this stock!!Orissa Bengal carrier LTD. or OBCL is a company engaged in transportation and logistics business.
The chart of this company hints at a breakout in near term. The stock had been trading in a symmetrical triangle for past 2 months and is now looking to breakout from the same.
The stock tested the lower rising boundary line of the triangle on Thursday's session and what followed was a +10% move and nearly 2.5 times more average daily volume.
The stock closed near to the falling upper boundary line of the triangle and is on the verge of breaking out of it.
Projecting the symmetrical triangle target to the upside suggests that the stock could rally nearly 35% after the breakout towards INR 85-90 range.
On the downside INR 56-57 is crucial support and can be used as "SL".
Note*- Views are based on personal observations/opinions of the chart alone. Do your due research before making any trading/investing decisions.
