Ipca has broken out of the wedge just now...but should you take a position?...NO. If you watch volumes you can see they are low...so we wait..if it breaks out decisively and the PULLS BACK, touching the wedge, and then gradually starts climbing up again then it is suitable to buy. See Piramal (PEL) stock, it has done exactly that..
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It has not pulled back...but gone up anyway...3.8%...i did not mention this variation - sometimes it does not pullback but keeps moving up ( not ideal but still can be profitable, although i prefer the pullback variation better)...right now it appears Ipca is doing that so it is entirely your call if you wish to take a position
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It is close to target 1..