LALPATHLAB has just broken out of its about 5-month long down-trendline. The moving averages have turned up and aligned for an uptrend. Its relative performance to CNX 500 has also turned into green as it trades above its 21 DMA. On the momentum its RSI broke above its squeeze – 54 to 57 – and entered the bull zone on April 12, 2024 but immediately pulled back for the next 4 days. On the last Friday price broke above the down-trendline and also took out the high of 12th April though not closed above it, as RSI crossed above 60 again. The latest bull-bar coming immediately after a Doji too is a good sign. Overall, on the daily scale the structure indicates that there is a change in the trend direction to the upside. If RSI moves above 64 a sustained up-move can be expected in the near term.
Only personal analysis. No recommendation.
Only personal analysis. No recommendation.
Raju KMS Datla