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Buy JKPAPER @423.5 and add upto 414, with a target of 453-460 and a stop loss at 399

JKPAPER has formed an ascending triangle andis about to break out.This formation has been taking place for the last four months, with lower highs and higher lows along the way. JKPAPERis expected to break out between 420 and 425 levels,

JKPAPER has taken a trendline support and has broken out critical resistance levels with good volume spike on the daily chart, Price has managed to rise above moving averages, most notably the 21, 50, 100, and 200 day EMAs. It has good support near 410, whichis the 2-day EMA.

In terms of relative strength, JKPAPER has outperformed the benchmark Nifty by 6% over the last two months, implying that this trend will continue.

JKPAPER is moving in a positive upward channel on the weekly chart, taking support along the trendline. I is also trading above all major moving averages, indicating that the script has good momentum.

(On a daily chart, the RSI has crossed over and is currently trading at 56, indicating that the Script still has room to rise. MACD has also made a bullish crossover and is now trading above the zero-line. The ADX is a leading indicator that is quoted at 23 levels on the chart, indicating that strength in the chart formation has recently increased. JKPAPER has just crossed above its mean on Bollinger Bands, indicating that resistance has been overcome, and a Bollinger Band squeeze is visible, indicating a short-term breakout.

Based on the aforementioned parameters, we anticipate Bullish momentum in IKPAPER for the targets of 453 and 460 in the coming weeks.

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