Breakout from Triangle pattern in Greenply Industries (Monthly)

Greenply Industries reached an ATH of 298.85 in the month of Jan'18 and corrected almost 75% to reach a low of 72.90 in Mar'20. It had consolidated for almost 6 months in a range before starting its upwards journey again in Nov'20. It reached a high of 254.7 in a year and started correcting again. In the process it formed a triangle pattern and has freshly started it upward journey.

It broke out of the triangle in the ongoing month of June'23. This indicates significant upside potential of minimum 67% in reaching 2nd target i.e. 298.

Long term target is forecasted to be even higher i.e. at 477.

Yorum:

Target 1 achieved on 19th Dec'23!