Minda Industries Mid to Short Term Bet

Minda Industries.

This stock has been in the strong long-up tend. Recently it has touched its all-time high of 612.

Before making this high the stock was in consolidation for almost 2.5 years.

In this consolidation, it has formed a chart pattern that is (right-angled broadening triangle).

This is a bullish pattern and most of the time it gives the breakout of resistance as we can see on the chart.

450 level is creating a strong resistance here as we can see, the price has touched this level many times in the past.

This year in the month of Jan the price has successfully managed to move above that level with good volumes and made an all-time high of 612.

For the past few weeks, it is getting consolidating and in this consolidation, it has again formed a bullish pattern that is a bullish flag.

For the last few months, the stock has witnessed a strong inflow of money into the stock, high volumes are the evidence of this inflow of money.

This week the price has moved out of that flag pattern with volume.

All the technical indicators are looking good. As the price is trading above its 200Moving Average,

MACD is looking Strong, DMI has a bullish crossover of +DI and -DI, and ADX is above 20.

We will get the trend continuation confirmation when the price moves above the resistance of 610.

After that level, I am expecting 865 level and 1120 level.

These two levels are the projection level of Fibonacci Extension From a Swing low of 205.20 (16 March 2020) to the Swing High of 612 (8 Feb 2021) and to the Swing Higher Low of 459.05 (19 Apr 2021).