Chart Check: After 14% rally in a month, ascending triangle breakout makes KPR Mills an attractive buy

Experts suggest that KPR Mills, part of the garment industry, could head towards Rs 700 due to a breakout above the ascending triangle, which is a bullish sign. The stock hit a 52-week high of Rs 648 on 12th June and is trading above most crucial short and long-term moving averages. However, the Relative Strength Index shows the stock is close to the overbought zone, implying that profit booking may occur. The stock corrected by 38% after registering an all-time high of Rs 760 but has been moving up in a higher top/higher bottom pattern since Dec 2022, generating a 30% gain in the last seven months.