Usha Martin triangular breakout update was put up 9 days back. Since then we had some weak market days. Stock price, after the breakout, did some retests ( down days without really breaking down) and yesterday gave a big breakout with volumes. It took out near term pivot of 334 and closed at 339.
Coming to comparision with previous triangular breakout, we can see huge volumes uptick post triangular breakout at 145-150 in Dec 2022 , a subsequent rally to 200, all with very high volumes and then a dip to retest previous all time high of 165 with significantly low volumes, and again resumption of uptrend. In current breakout yesterday was a big volume day. Now we need to see how things play out going forward. The big hangover in this stock is the frequent selling by Prashant Jhawar group. So that is a factor that needs to be considered. The next major level to cross on a closing basis would be levels of 370
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