Hadrien Mendonca
A four-month consolidation seems to be coming to an end as Sobha has broken out from an Inverse Head and Shoulder pattern on the daily chart. The stock has also surpassed its medium as well as long-term moving averages.
In addition, the breakout was also accompanied with smart volumes further accentuating our bullish stance on the stock.
We have a target of Rs 606 per share.
Disclaimer: The author is Senior Technical Analyst, IIFL. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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