Chart Check: Phoenix Mills records a breakout from falling channel on weekly charts; what should traders do?

Phoenix Mills has broken out of a small descending channel and is still showing bullish signs with its position in a rising channel for the past three years, experts suggest. Since November 2020, the 50-week moving average has offered strong support for the company’s stock. Short-term traders could purchase shares for a possible 2-month target price of Rs 1,600, which is closer to its record high of Rs 1,620 from November 2022. The stock experienced a 4% decrease in one week but a 5% increase in one month with the 30, 50, and 200-day moving averages above the 5, 10, and 20-day metrics.