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Bullish Flag Breakout in Vakrangee

Ankita
8/26/2017 2:13:49 PM
  474
  0

Bullish Flag Breakout in Vakrangee

 

Coming form the large-cap space is yet another IT counter that has stood the test of time and has never failed to amaze its investors with its strong money yielding capabilities. Vakrangee Limited, one such company, is a technology based entity, that has developed software for Banking & ATM, Insurance, E-Commerce and Logistics Services. In the eyes of the investors, Vakrangee has never been able to rise to the ranks of companies like TCS or Infosys, but still it has offered better returns than the IT behemoths that are preferred more over it. The company has offered us yet another opportunity to make considerable profits over a short span of time. 

 

The aforementioned chart is an EOD day chart of VAKRANGEE, which we believe is undergoing a bullish flag pattern formation and is on the verge of a strong breakout. As the name suggests, a flag pattern is a rectangular shape price pattern that includes three phases. Phase 1includes a strong upward rally followed by a time correction, that marks completion of Phase 2. Phase 3 tries to mimic the price-pattern movement in Phase 1, thereby giving us a brilliant positive price surge.

 

In the chart, first leg included price movement from the levels of 351.45 till 450.75, and after 3 months of consolidation it seem a breakout has been observed from the levels of 448.85. The stock faces a resistance at near 472.1, and once it breaks free from that level with good volume support, it can give us a good upside rally which can be expected to last for 80-100 points. The stock will avail some support near the levels of 457.25 and 442.5, if it is bogged down by negative price movement.

 

The overall bias of the stock will remain positive over the period of coming 3-6 months

 

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