Will Generic Break its Ascending Triangle

Generic Engineering We covered this stock on Monday and Thursday,16 Jan  ,02 Feb,17 Feb and 20 Feb Stock has seen decent bounce from 83 levels and made high of 112 and also closed above 113 Last Thursday.

 

Generic Hourly with Ascending Triangle

Generic Hourly Chart is forming an Ascending Triangle Pattern as shown in below chart, Breakout will come above 113 for a move towards 123 as this is the triangle height.  Volumes has been increasing in past few weeks, so hopefully we should see the breakout in coming week.

 

Generic Daily Chart with Channel

As seen in daily chart stock has taken multiple support near the channel bottom and closed above 110 with rising volumes from past 5 trading session  stock can give move towards 123 in short term. Remember the Golden Technical Rule Ride the Trend till it bends. Stock is Listed on BSE and Ticker is GENCON

Generic Weekly Chart

Stock finally closed above 100, 100 is very important GANN resistance zone closing above 100 from past 2 weeks. Holding 100 Stock can see 144 in next 2 months easily.

Traders can take Long above 113  Target 123/136/144 in next 2 months, SL should be kept at 100 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.