Bullish pattern breakout in CESC

CESC has been outperforming broader indices from past few months. On weekly charts has formed a inverted H & S pattern and has broken out around 340 odd levels. The stock can give a stellar returns of 40 - 50% from current levels in coming months ahead. A cross above 367 odd levels can ignite the rally in the stock which is 52 week high as well as 76.4% of fibonacci retracement. The bullish pattern targets for the entity can be up to 520 - 530 odd levels.

The good support zone for the counter is around 336 - 338 also 61.8% of the fall from 433 - 190 odd levels. The daily chart structure also indicating a cup and handle formation breakout on upside. So its advisable for long traders can initiate long positions in the entity around current levels and on dips up to 338 odd levels with a stop loss of Rs. 310.

                                           
                                                    CESC Weekly Chart

                                                          CESC Daily Chart

                                                       CESC Daily Fibonacci Chart

Trade objectively and wisely with the consideration of own risk with amid volatility. The strategy would be to wait patiently for the right opportunity to unfold to probable profitable trade setups.

Raju V Angadi

 Equity Research Analyst

 To know more about probable counts contact us back of e-mail us on rvangadi@googlemail.com 

Disclaimer: This is just an view based on the research of individual for educational purpose. So kindly trade along with the consultation of your financial adviser, market trends, price action and own risk appetite considered while investing or trading in stock markets.