After a failed breakout above the short term resistance trendline ( blue coloured "Resistance TL" on the chart) in mid May, the India Cements stock has moved above the prior resistance trendline once again this week.
The last breakout attempt failed at the long term resistance trendline (red coloured TL on the chart) which is a 13 year old trendline and a break and close above this trendline will lead to a very strong upmove in the medium to long term.
Target : Once the stock closes above the red trendline especially on a monthly basis, the stock will target the 2018 high of 220 odd and will eventually target the 2008 price levels of 260-280. This is an ideal medium term target for this stock.
Stoploss : One can hold longs with a WCB stoploss of 180 which is a very strong weekly support.
India Cements is a great mid to long term buy and should be ideally considered a long term investment at this price.
The last breakout attempt failed at the long term resistance trendline (red coloured TL on the chart) which is a 13 year old trendline and a break and close above this trendline will lead to a very strong upmove in the medium to long term.
Target : Once the stock closes above the red trendline especially on a monthly basis, the stock will target the 2018 high of 220 odd and will eventually target the 2008 price levels of 260-280. This is an ideal medium term target for this stock.
Stoploss : One can hold longs with a WCB stoploss of 180 which is a very strong weekly support.
India Cements is a great mid to long term buy and should be ideally considered a long term investment at this price.