CMP (NSE) 15:58, 16 Sep
Last updated on
12 Sep, 2017
“Symmetrical Triangle breakout”
Oberoi Realty is trading in a strong higher top higher bottom chart structure. Analyzing the longer time frame, on weekly chart, the stock has given a strong recovery from its recent low of ~ Rs 335 by forming a bullish hammer candlestick chart pattern. The stock has also given a continuous Symmetrical Triangle breakout above the ~ Rs 406 mark, indicating a continued upward momentum. Tracking the recent trading activity, the stock is continuously forming long positions with rise in delivery volumes and has given a bullish cross-over signal on MACD indicator. Moreover, with ADX Index reading above 25 mark along with +DI > -DI, further accentuate our positive stance on this stock. The stock has a potential first target of Rs 494, translating into ~19% returns.
Based on the above evidences, the projection of the structure indicates potential target of Rs 494, translating into ~19% upside. The breakout would stand void if Oberoi Realty Limited breaks below Rs 359 on closing basis.