1. Chemical sector in focus from long now 2. ATUL has been proved a consistent compounder 3. The pullback has taken support near 21EMA 4. Very tight consolidation range
Note:- This pattern can go any side (up or down) but looking at the candle formation and 21EMA support I can take some risk and go LONG.
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This has worked beautifully for me. One should trail the stops now to protect gains. This is a fundamentally strong company, a wealth creator so keep a stop on a weekly closing basis.
I think there is a strong resistance at Rs. 4800, It is not crossing that price. (I may be wrong as I am new to technical analysis)
aashu24ahuja
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@avinashkumary, Yes Agreed, it failed to cross 4800 but this is the 4th attempt so sooner or later it should cross this. I cannot be certain on any outcome but I entered early so I can hold my stop is below 4400
aashu24ahuja
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@avinashkumary, So it broke out above 4800.
avinash_y_kumar
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@aashu24ahuja, Thanks for the reply, I added a few shares little above the resistance level.