monthly breakout!

Above chart is of timken india which is involved in business of manufacturing ball bearings,incorporated as tata timken.

technical point of view
1.on a weekly tf we can see the stock consolidating around 21 ema an good break above it can result in quick upside momentum.

2.if you look closely on the monthly tf the stock beautifully consolidated in a channel for 570-580 days and broke the resistance.

3.according to charts a long term trade or an mid term trade can be executed smoothly on cuuret levelskeeping sl below the 21 eme on monthly tf
(closing basis)

4.targets can be kept firstly on the all time high which is around 28-29% and secondly around 60% for long term

5.simple rr of 1:4 can be achieved if market continues the upside momentum if not one can close trade according to his/her appetite


ALWAYS REMEMBER NO ANALYSIS IS PERFECT AND IAM NOT YOUR FINANCIAL ADVISOR,DO YOUR OWN RESEARCH

ABOVE POST IS ONLY FOR EDUCATIONAL PURPOSE,NO BUYING RECOMMENDATION

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