On daily chart stock has formed a WEDGE PATTERN over the period of one and half year, that is from May 2011 to November 2012. Stock has broken out of this pattern on friday (30 november 12) but breakout cannot be confirmed as it was not high volume breakout. But before the breakout occurred on friday the stock was able to sustain itself above all its key moving averages for nearly a month. That is why this breakout though not a high volume is important as it occurred after the stock sustained well itself above its key DMAs with sideways pattern for a month. If this breakout is true then stock may go up to 220 in short term and to 250-260 in medium term.
Stock should sustain well above the WEDGE for at least a month for the up trend to confirm as the pattern was getting formed for more than a year.
Stop loss recommended at 180.
