Elgi Rubber Company Ltd Share Past Breakout & Future Breakout Prediction

How This Indicator Predicted Breakout Before It Occurred ?

We are using a 1W chart [to avoid false breakouts over smaller timeframe]

First we have identified a local top/previous top in Elgi Rubber Company Ltd

Then we marked a horizontal line just below the top. This will be the breaking point where if the indicator cross it from below sharply (you can use a trendline to check the sharp turn)

Safe Entry : when the indicator crosses the horizontal line sharply from downside

Aggressive entry : when the indicator reaches the horizontal line from below aggressively with a sharp turn but haven’t crossed the horizontal line (use a trend line for identifying the sharp turn)

As you can see like in April 2021, January 2022, July 2023 it gave a breakout  the share is now trying to form a peak after which further breakout has to be confirmed via a long consolidation, so the stock might be in a downtrend for sometime before any further breakout. 

Future Target Price 2023 : Rs. 65

Future Target Price 2024 : Rs. 70

Future Target Price 2025 : Rs. 90

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