Look at the chart of ahemadnagar forge, stock has just made new 9 month’s high on chart now.
we can clearly see that there are two “ASCENDING TRIANGLE” developed on chart now.
one is bigger triangle having upper level at 115 level, with the width of 35-40 rs. and other one is small triangle which is inside of bigger one, had a level as rs. 102.5 and had a width of rs. 12-15 and as per small triangle stock has given a move of rs. 10-15 rs. range immediately after breakout and done consolidation after that for one month, and now its looking for bigger triangle breakout now.
look at the RSI, we can see that price reach to the recent top but rsi yet not moved into overbought zone. This is a kind of “BULLISH DIVERGENCE” if price able to confirm the same on chart. even on recent bottom price able to give signal of “POSITIVE DIVERGENCE” when it made the recent bottom, where price taken support but rsi misleaded the support level.
so overall basic study indicate that, if stock able to move above 115 level and able to give green close above resistance level then one can buy this one above 115 {hold if close above 115} stop loss at 95 rs. target 135-145-155
hold if it able to give close above 115 that too with green candle for the day, one can surly enter above 115 level for intraday with immediate support at 108 level, but if close above 115 then positional call will get activated.