Kirloskar Oil Engines Ltd. - Up-Flag on Daily Chart

26 мая 2021 г.

Kirloskar Oil Engines was in a consolidation which was preceded by an impressive up rally. The price gave an upward breakout on a daily chart to the consolidation and closed at Rs.237.40. I anticipate the price target of Rs.272 and suggest the stop loss at Rs.223 to be followed for the first 4 daily candles starting from 27th May 2021. Thereafter, the profit booking/ exit decision should be based on attainment of the price target or downward crossover of 26 EMA by 5 EMA whichever is earlier.
NOTE: This idea is an attempt to predict the future price movement. Investment decision based on this idea, if any, shall be at the sole risk of the investor.