Shitij Gandhi
Gujarat Ambuja Exports has been consolidating in the range of Rs 180-230 from the last four months. In this month we have observed fresh breakout in the prices.
Currently, the stock has formed a bullish flag pattern on the daily charts and is on the verge of a breakout above the same.
The positive divergence on secondary indicators like RSI and stochastic also suggest for further upside in prices moving forward. Traders can accumulate the stock in a range of Rs 235-240 for the upside target of Rs 261 and a stop loss below Rs 220.
The author is a Senior Research Analyst, SMC Global Securities Ltd.
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