On the daily timeframe, the stock has confirmed the breakout of the Inverse Head & Shoulder pattern and moved above the neckline with good volume spurt, which indicates bullish strength in the counter.
The price has also moved above Ichimoku Cloud & the upper leg of “Bollinger Band” which suggests a bullish rally will continue further in the near-term.
On a weekly chart, the stock price has shifted above the 61.8% Retracement Level and above the prior swing highs of 165.90 levels, which confirms bullish presence in the stock.
Moreover, the stock has also given a breakout of the Horizontal Line, which points out the northward journey in the counter.
A momentum indicator RSI and Stochastic both have shown positive crossover, which adds more bullishness to the prices
Hence, based on the above technical structure, one can initiate a long position in WELCORP at CMP 171 or a fall in the price till 168 levels can be used as a buying opportunity for the upside target of 190/210 while the supportis placed ataround 155 & 150 levels, so level 150 should be considered as a stop loss on a closing basis
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