Sharda motors came up with very good q2 fy 24 results. Stock price gapped up above 1005 and went up to hit a high of 1158, before settling to close at 1100. Breakaway gap has been between 1005-1025.
Stock price had been consolidating between 590 and 950 during July 2021 to Sep 2023. It broke out above ATH of 955 and went on to high a fresh swing high of 1101 and then along with market correction went down and tested support of 30 WEMA (marked in dotted blue lines) and bounced back. On the back of good results it gapped up and hit another fresh swing high of 1158. Weekly close is with a big bullish high volume candle.
It is one of the examples of how to play all time high or multi year high breakouts. Whenever there is a retest post these kind of breakouts, they offer very good entry points.
disc: invested as disclosed before.
