Generic Engineering (GENCON ) we discussed in last analysis breakout above 115 for a move towards 122/130
Generic has closed above 115 but still has not achieved the target of 122 High made was 119.80. Stock has finally close above the breakout level of 115 and has been trading in tight range of 112-119 from past 2 weeks. Below is the technical update on stocks for the further move we are anticipating.
Generic Hourly Chart closed above the breakout level of 115 and almost near our target of 122, High made till now is 119.80. As stock has been consolidating above the breakout level, technically such breakout can see move double of the range. So we can see move towards 134-136 in next 2-3 weeks looking at the current pattern.
Generic Daily Chart with Channel
As seen in daily chart stock has taken multiple support near the channel bottom and bounced back again. Range of stock is very less in past few sessions but has been holding on to the bottom of the channel, suggesting Generic should move towards the higher end of channel. Remember the Golden Technical Rule Ride the Trend till it bends. Stock is Listed on BSE and Ticker is GENCON.
Traders can take Fresh Long above 120 Target 125/131/136/144 in next 1 months, SL should be kept at 105 on closing basis.
This is not an investment pick as I am not expert in Fundamental analysis but a short term pick for gain of purely based on Technical Analysis.Please also do your own study before trading this stock and trade in small quantity.