Olectra has finally given a good up move with volume after decent correction and consolidation.
The chart suggests this could be a double bottom breakout as well and today's strong closing could add to that point.
It has taken out an important resistance of 1280 with RSI comfortably above 60. I expect it to touch levels near its last ATH, which is 1465, however it could lead to more as well.
Wouldn't recommend putting any targets to this, this stock has moved up considerably with volumes and usually gives a similar followthrough.
1 ATR would act as a good SL for the kind of up move that is expected.
The chart suggests this could be a double bottom breakout as well and today's strong closing could add to that point.
It has taken out an important resistance of 1280 with RSI comfortably above 60. I expect it to touch levels near its last ATH, which is 1465, however it could lead to more as well.
Wouldn't recommend putting any targets to this, this stock has moved up considerably with volumes and usually gives a similar followthrough.
1 ATR would act as a good SL for the kind of up move that is expected.
Trade closed: stop reached:
Unfortunately Stop loss hit at 1252. Exited