Sunflag Iron has broken out of a good rounding bottom pattern and in the process has cleared its previous all time highs. The beauty of rounding bottom patterns is that while going up the stock price goes up in a calibrated manner, digesting selling pressure from time to time of sellers trapped at each level. And on breaking out above the top of rounding bottom, most of the selling is absorbed, and hence upmoves can provide good quick upsides.
Usually targets are calculated by calculating the distance of rounding bottom from top to bottom and adding to breakout level which is the top. Since rounding bottoms take a long time to form, achieving targets can also take time and hence one has to be patient. And another aspect to consider is sometimes stocks correct from exact top of rounding bottom, undergo slight retracement and form a handle like pattern to finish a cup and handle pattern.
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