Take Solutions – Another attempt to all time highs?

Take Solutions – Another attempt to all time highs?

Take Solutions is offering an opportunity to go long with the “double bottom” break out

Take double bottom breakout

The stock was caught under heavy pressure due to global sell-off first and then due to management’s view concerning about the growth aspects being muted after Chennai witnessed worst ever floods in the last century

The stock prices raised from the Feb’16 lows in line with the market recovery but soon gave up the positive momentum on the fears of what to expect from the annual results

The annual results came as surprise and helped the stock price to break 157 levels which hindered the prospects of any further upside in the earlier move

The two consecutive bottoms at Rs. 127 within a span of 2 months confirms the double bottom pattern formation and breaking of 157 levels, completes the breakout

The earlier resistance (Rs.157) would now act as a support and offers an attractive level to go long for a target of Rs. 187 with the stop loss at Rs.150

For optimized results, one can consider going long with 70% allocation at the current price levels and 30% more allocated during the return move to 157

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