Technical Positional Pick - Buy JK Tyre & Industries Ltd For Target Rs. 145 - HDFC Securities
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Technical Positional Pick - Buy JK Tyre & Industries Ltd For Target Rs. 145- HDFC Securities
The broader downward trend in this Tyre stock (JKTYRE) of the last few months seems to have reversed on the upside as per weekly timeframe chart.
After shifting into a consolidation pattern recently, the stock price witnessed sustainable upmove in the last few sessions.
The stock price is currently placed to show a decisive upside breakout of the downward sloping trend line resistance around Rs 118-119 levels
Hence, a sustainable move above Rs 119 levels could open a sharp trended upmove in the stock price in near term
Weekly 14 period RSI is showing positive indication
The overall chart pattern of JKTYRE indicate a long trading opportunity. One may look to create positional long as per the levels mentioned above.
Buy JK Tyre & Industries Ltd Up to 3 months @ Buy between 117-109 CMP 115.95 TGT 145 SL 106
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