Bullish on Himadri Speciality Chemical for Short Term

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.

Comment:

Stop Loss of 88 hit on 20.03.2023

Comment:

Breakout failed on 15th March 2023, but fresh breakout occured on 31.03.2023 which is successful.

Comment:

HSCL touched an intraday high of 97.25 on 18.04.2023. Hence, first target of 95 stands achieved.

Comment:

Target 2 achieved today!!
touched intraday high of 101.50

Comment:

Target 3 Achieved on 2nd May'23 !!!