CMP (NSE) 15:57, 16 Sep
Last updated on
04 Jul, 2017
Page Industries (Page Ind) has been in a wide trading band of Rs 9,500 to Rs 16,500 since June 2015. In early March 2016, Page Ind hit a low of Rs 9,752 and later made a higher low of Rs 12,387 in November 2016 creating an upward trend-line. On the upside, the stock faced stiff resistance between Rs 16,500-17,000 constructing the horizontal trend-line. Post November 2016 dip, Page Ind recommenced its upward journey and finally broke out of an Ascending Triangle pattern on the weekly charts.
The stock broke below the rising trendline support area in April-May 2017; however, the breach was short lived as the 100-WMA acted as a strong support zone following which Page Ind resumed its north-bound journey.
If the Ascending Triangle Breakout unfolds the way it should, then we expect a minimum upside potential for Page Ind of around ~3,000 points, which suggests that the stock would attempt at-least Rs 20,440 in 6-9 months. The breakout will stand void if Rs 15,400 is broken on weekly closing basis.
Page Industries Weekly Chart