Sharda Motors update. After the q2 results we have seen a strong rally in Sharda Motors stock price. Since past few days stock price was consolidating within a tight price range of 1242-1310 and yesterday gave a big volume breakout and posted a fresh all time high of 1378. Today it came down with much lower volumes and closed at 1318. The whole structure on daily charts resembles a flag pattern breakout and now a retest seems to be on the cards.
Flagpole extends from 960 to 1310 which is a distance of 350 Rs. Adding that to the breakout point of 1300 provides a pattern target ( if the pattern plays out) of 1650. Need to see how this plays out. disc: invested as disclosed earlier.
