Bullish on Himadri Speciality Chemical for Short Term

skp_will_rock Updated   
The stock hit a fresh 52-week high of 108.85 on 6th Dec 2022, but failed to hold on to the momentum and falling about 17%.It bounced back after hitting a low of 80.35 in 27th Feb 2023 on the daily charts.A double-bottom pattern on the daily charts makes it an attractive buy.

It gave a breakout from wedge pattern on 10.03.23 rising 3.17%. It then corrected by 2.09% the succeeding day. Today i.e. on 14.03.2023 it rose 1.4% to 90.40 and closed above the resistance trendline again.

In terms of price action, the stock is trading well above most of the short-term moving averages. But it is hovering just below its 50 and 200 day MA of 90.85 & 90.95 respectively.

RSI is above 50 and MACD is above its center and signal line, this is a bullish indication.

Based on these technical indicators, it is expected that the stock's price will continue to rise towards the assigned targets, with a recommended stop loss at 88 on a closing basis.
Stop Loss of 88 hit on 20.03.2023
Breakout failed on 15th March 2023, but fresh breakout occured on 31.03.2023 which is successful.
HSCL touched an intraday high of 97.25 on 18.04.2023. Hence, first target of 95 stands achieved.
Target 2 achieved today!!
touched intraday high of 101.50

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