Symmetrical triangle formation in ACC!

After making an life high of high of 1564.65 in Sept. (ACC) is consolidating in the range of  1350 to 1550 for last 3 months. In this period nifty has risen by more than 5%, ACC has given negative returns.

If we look at the chart, we can clearly see symmetrical triangle formation in the stock. Its a consolidation pattern before starting a new trend up or down. As far a s ACC is concerned, the break out of the pattern comes around 1440 on the downside & 1520 on upside. So if the stock close above 1520 long positions should be initiated for targets of 1580 & 1640 with a stop of 1485. However weekly charts definitely show some strength in the stock which looks to force the stock break out on upper side. So we recommend taking some risk & buying the stock at cmp for targets of 1580 & 1640 with stop of 1458. But if stock tumbles & closes below 1440 then short position can be initiated for targets of 1390 & 1360 with stop of 1480.