Stock Has Been Consolidating In A Pennant Formation On Weekly Charts

Stock has been consolidating in a pennant formation on weekly charts. It is a bullish continuation pattern, suggesting upward continuation. The stock has broken out of the same, with surge in volumes. Momentum indication like the RSI, is in positive territory, indicating bullish biasness.

Stock is in a strong uptrend on long term charts. It formed descending triangle and gave upwards breakout on weekly charts. With the help of measurement rule, target comes around 1350. Volume outburst in daily charts indicates buying interest in the stock. With good risk to reward ratio investor as well as trader should buy the stock.

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