Time Frame - Weekly
The stock of Adani Ports has been trading in a flag since May'21 forming a volume contraction pattern. Volume has also seen a clear reduction/limited activity in the same period. But in the week ended on 1st April'22, the stock has confirmed a flag breakout with a strong bullish candle along with a spike in volume as well. We will have to wait a bit to confirm if the breakout is genuine and if it is, one may form a long position during a retest of the flag with the below-prescribed levels
Entry zone = 750-765
T1 = 880
T2 = 1080
SL = 665 (One will also have to maintain the risk according to the broader market as support of the same will be required for the stock to tough new LTHs)
Do consider following the account if the idea served value to you.
The stock of Adani Ports has been trading in a flag since May'21 forming a volume contraction pattern. Volume has also seen a clear reduction/limited activity in the same period. But in the week ended on 1st April'22, the stock has confirmed a flag breakout with a strong bullish candle along with a spike in volume as well. We will have to wait a bit to confirm if the breakout is genuine and if it is, one may form a long position during a retest of the flag with the below-prescribed levels
Entry zone = 750-765
T1 = 880
T2 = 1080
SL = 665 (One will also have to maintain the risk according to the broader market as support of the same will be required for the stock to tough new LTHs)
Do consider following the account if the idea served value to you.