Hey guys!
Thank you!
- JK Tyre has a great setup here. It has been following a strong trend line since mid-march 2020.
- This trend line helped JK tyre breakout of the Ascending triangle pattern reaching 60+.
- Currently JK Tyre seems to be forming a bullish pennant signalling a bullish continuation upwards.
- Adding to that, The 50, 200 MA seems to be forming a Golden Cross on the 4H chart, which will trigger a breakout of the pennant.
- Moreover, the MACD on the 4H chart is converging bullish.
- Wait for entry near 60.5-61. Target is 70 - 71 (~ 15%).
Thank you!