Transport Corporation of India Has Short to Medium Term Opportunity

Transport Corporation of India was in a consolidation phase between March to August. This consolidation was looked liked an Accumulation Zone at the bottom of the downtrend. If we look at the OBV we will observe that the OBV was continuously moving up while stock was getting consolidating. This indicates that the stock had been accumulated by the Smart Investors. In this consolidation a Symmetrical Triangle pattern was also formed at the chart and on line chart we found a Inverted Head and Shoulder Pattern, both pattern indicates the Reversal in the trend. It has given the breakout of the pattern on 11th August and moved higher. After that it has been in the up trend and forming Higher high and higher low on daily chart. One more trigger is that HDFC Mutual Fund has bought 8,64,000 share on 9th August. This is the biggest trigger in the stock. Important levels to watch:- Currently stock is trading at 238.45. 257-260 is the important zone for the stock to continue its trend. Previously it has taken support in the same zone now it has became the resistance. If it gives the decisive closing above this zone then it can further move to 320 level. A short to long term investment can be made in this stock.