Indorama Synthetics - fresh breakout after retest+consolidation
After spending most of 2021 consolidating between 45-60, Indorama Synthetics finally broke above 60 in early January 2022. It managed to briefly breach 90 before correcting heavily due to the war. In the current correction Indorama Synthetics retested the earlier breakout level of 60 which has now acted as a strong support.
Post another 4-6 weeks of consolidation Indorama Synthetics has once again cleared the all important weekly resistance of ~73 (red dotted line) on a closing basis. The move is supported by large volumes esp if one looks at the daily chart. The stock should do well in the short to medium term and any weekly close above 85 will greatly add to the upside momentum.
Indorama Synthetics can be bought at CMP and on declines to 72
SL : 67-68
Tgt: 84-85 is the preliminary target. Once this is taken out we can easily look for 100+ levels
Post another 4-6 weeks of consolidation Indorama Synthetics has once again cleared the all important weekly resistance of ~73 (red dotted line) on a closing basis. The move is supported by large volumes esp if one looks at the daily chart. The stock should do well in the short to medium term and any weekly close above 85 will greatly add to the upside momentum.
Indorama Synthetics can be bought at CMP and on declines to 72
SL : 67-68
Tgt: 84-85 is the preliminary target. Once this is taken out we can easily look for 100+ levels