India Bull Housing Finance has been consolidating for sideways for last 4-5 months. It tried to breakout multiple time above the strong resistance levels but got rejected and closed below the line. It's again flirting with the resistance line, but this time the volume is unusually higher and similar to previous ones when it had major breakout. If the daily candle closes above the 257 line, it's headed towards 277, 297, 312 target. If it gets rejected again, expect to consolidate again in the channel. Momentum shows its heads upwards.
Trade closed: target reached
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It reached first target 277 yesterday and retraced back to the breakout line. It needs to hold the breakout line for few more sessions and it can bounce back strong, else it will be failed breakout , which would trigger consolidation in the horizontal channel.
Comment
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India Bull Housing Finance getting close to the lower end of the channel. Swing traders can enter at these levels for short term profits.