Butterfly is flying in Rs 130 range.

Butterfly Ghimathi , NSE code - BUTT, weekly chart 

     Attached is weekly chart of Butterfly Ghimathi Appliances, NSE code -- BUTT. 

    I used bollinger band and channel to read this weekly chart. Draw some red lines to count duration of its up & down flying between channel resistance line to support line. Used star marking to show next support destination mark. 

     You can easily see that share price is moving in a very slightly upward moving channel. From Jan 2015 till today ( 100 Weeks ) price broke the channel only at 3 occasions & that is also in the form of intra day spike. It touched resistance line of the channel on 3 occasions & move towards support line & touched support line. Now it is probably 4th occasion when price is going to touch support line of the channel. 

     Coincident is that, bollinger band support line is very near to channel support line. I draw a stark mark there. This mark comes at price of Rs 145. Friday closing price on NSE is Rs 173.

     Price is below the middle line of bollinger band, which indicates bearishness. So we can guess that,' the price can go toward star mark of rs 145 around, where it will get support from channel support line and support line of bollinger band.

     As per the saying," HISTORY REPEATS ITSELF ", price should take support near star marking & return back towards resistance line of the channel.

     Next resistance will be 208, where in the past price returns downward on 3 occasions. But again point to be noted is that," at that time price was moving from resistance line towards support line in its downward journey."

     After crossing this resistance price can easily touch resistance line of the channel. So the tgt is Rs 280 to 300 mark. Time frame for this trade will be somewhere between 15 to 20 weeks. This is the average of past durations. If it sustain and close above the channel support line on weekly basis, then Dow theory comes in to picture and price can get new breakout from there again. But at this moment think about 280 only.

     I have no fundamental data of this company but what I read and heard is good. Search it & think to trade accordingly.
     You can read this article on investing.com also, link is ... https://in.investing.com/analysis/butterfly-share-price-is-flying-in-rs-130-range.-200179332?

Final update, 2nd April 2017

     Attached is Butterfly weekly chart. see it carefully and read below the chart.

     As showed in the weekly chart, price is now in the last wave D of descending triangle chart pattern. which is very bearish chart pattern. after breakout of horizontal line at 140, price can tumble down heavily. So I request my blog readers to book full profits at cmp 192 and exit this trade. Thank you, Jay Shriram.