INDIAN HOTELS - Breakout of a parallel channel and retest done
INDIAN HOTELS has been consolidating in a parallel channel since the last few months (Oct 2021).
It gave a breakout from this channel with good volumes and seems to have re-tested the same. A close above 224.20 & 237.40 will prepare the same for further upmove. The move also seems to be coinciding with easing of restrictions, all cities opening up and trying to get back to normal, especially travel!
Usually, target is taken as the width of the parallel channel which, in this case, works out to around 262 levels.
DISCLAIMER: This idea is published for educational purposes only. This is not a recommendation to trade. Kindly take any trade after doing your own research and on your own responsibility.
It gave a breakout from this channel with good volumes and seems to have re-tested the same. A close above 224.20 & 237.40 will prepare the same for further upmove. The move also seems to be coinciding with easing of restrictions, all cities opening up and trying to get back to normal, especially travel!
Usually, target is taken as the width of the parallel channel which, in this case, works out to around 262 levels.
DISCLAIMER: This idea is published for educational purposes only. This is not a recommendation to trade. Kindly take any trade after doing your own research and on your own responsibility.