CONCOR: Confluence of multiple Bullish Patterns
CONCOR looks extremely bullish in weekly timeframe. And note: There is a mulling over Govt for the potential disinvestment of CONCOR to reduce Govt shareholding from 55% to 34% and relinquish the management control to strategic buyer(s). Looks like market is factoring that in.
- There is a 5 years long monthly trendline shown as the green slanted line
- Then in weekly it creates a confluence of multiple bullish breakout pattens: W pattern, Cup-and-Handle, Ascending triangle - all points bullishness.
- COI (Cumulative Open Interest) is showing sufficient long build up in Nov contract.
One can put a SL of 690 for a target of 785 and 840 thereadfter.
Please note: The bullish buildup seems in the anticipation of the disinvestment.
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