India Glycols Bull is getting ready (Study Purpose)

nitinKgupta Updated   
Fundamentally stronger.
Capacity Expansion for ethanol production completed in Jan 2024, further addition underway.
Excellent management commentary post Q3 results.
High accumulation completed above Rs770 with huge Volumes.
Consolidation done between Aug 23 - Dec 23, before breaking out above Rs770 levels.
Goi intend to increase allocation to produce ethanol through wheat and maize, which was announced in December 2023, which helped this company to receive huge orders from big sugar companies.

Consolidating again since January 2024 between Rs830-Rs980 levels.
Can be accumulated now and any dip.
SL is Rs825 on closing basis temporarily if broader markets corrects. Otherwise any fall is a buying opportunity.
Tried 4 failed attempts to go past Rs965-980levels.
Making HH-HL, which indicates uptrend to continue.

Fall from that level with low volumes indicates accumulation is still in place.
Finding support at 10daySMA, 50day SMA.
Initially upon breakout above Rs980, new all time highs could be seen quickly.
further upside upon sustaining previous highs till fib ext 1.618 which comes to Rs1540 levels.
Rsi on the verge of breakout from the falling trendline.
Waiting for macd to crossover signal, and histogram to turn green for strength.

Disclaimer : Above scenario just for educational purpose and study of graphical movements as per available technical parameters derived by professionals. Be careful before investing and consult your advisor before making such decisions. I am not responsible for any mishaps or losses or gains. Not a registered sebi member.
I'm personally invested as per my study.
Trade active:
Accumulation underway.