Panchalk

Breakout from a RECTANGLE pattern

Long
Panchalk Updated   
NSE:BEML   BEML LTD
The stock was trading in a box/ rectangle for some months now and has broken out with decent volumes...up 6.7% today..targets marked
P.S. Just an aside - the company has done quite poorly - ROE, ROCE, ROA and revenues are very poor, yet the stock is up 100% ++ since last year...it was at 605 same time last year...quite surprising - so these are the vagaries of the stock market.
Comment: The stock has moved 19.4% since posting this chart..All targets were achieved...and more
Comment: one more point - When a stock is moving in a box/rectangle pattern for sometime you can expect a DECISIVE MOVE in either direction...a breakout or breakdown. Luckily it had a breakout and targets were marked with an optimistic bias.
Comment: next target was 1919 which was hit today...up 34% since posting the chart...simple math if you had bought 25 shares @ 1415 and sold today you would have made more than 12K..this is just to give you an idea of swing trading..mind you broader markets were in red all these days
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