Centum Electronics - Post crash high with triangle breakout
After spending all of 2021 stuck in a 120 Rs range, Centrum electronics has finally broken out with huge volumes. The stock has broken and closed above an 18 month old resistance trendline (red horizontal trendline on the chart) and it has also decisively broken through the 200 wma for the first time in many years.
One can go long in Centrum Electronics at CMP and add to the long position on any downside to 465-470.
Stop Loss : Longs can be held with a WCB stop loss of 460-465.
Targets : Initial weekly target would be the 2018-2019 weekly resistance zone of 565. Once this is taken out, the stock is clearly headed to test the 6 year old, long term resistance trendline which is currently placed at ~ 660.
One can go long in Centrum Electronics at CMP and add to the long position on any downside to 465-470.
Stop Loss : Longs can be held with a WCB stop loss of 460-465.
Targets : Initial weekly target would be the 2018-2019 weekly resistance zone of 565. Once this is taken out, the stock is clearly headed to test the 6 year old, long term resistance trendline which is currently placed at ~ 660.
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