I am new to techninal analysis (more of a fundamental guy). Hence, requesting all technical experts to correct where my understanding is wrong on below analysis:
Stock: Ashoka Buildcon
Fundamental trigger is visible in near future due to sale of road assets which was an overhang since a long time. Management has guided for sale to happen by Dec ’23.
Technical: This is where I seek your guidance
Stock was in stage 1 since last 15 months (check maroon line). Towards the end of this period, 200 DMA line became flattish with low volumes. Now, it has broken that resistance with higher volume and stock has started moving up. Current price of Rs. 122 seems to be another resistance although not a strong resistance. I feel it should cross Rs. 150 if the momentum sustains.
RSI has crossed 60. (somewhere I read this is strong indicator).
Please advice what is wrong in this understanding?
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