indiamarketoutlook
Long

Plastiblends: Breakout looks good and trend is up... BULLISH

NSE:PLASTIBLEN   PLASTIBLENDS INDIA
Plastiblends
Cmp 593




Observations from chart:

- the stock has given a breakout & has come out of ascending triangle

- consolidation phase within triangle is of nearly 10 months in 1st chart

- this is generally a low volume stock with occasional spikes in volume

- MFI & RSI are currently in overbought zone

-- in the short term, stock may retrace & test breakout zone around 560 & confirm if reversal of role i.e earlier resistance to act as support zone now holds true...

Given the set up


- Any dips towards 560 provide good opportunity to go long for target of 680 over medium term & 840 over medium to long term.


One of my friend who follows Fundamental Analysis to the core is quite bullish on the stock & has a 3 fold target over longer term.

Do review and check with your financial advisor before taking any decision...

As always, review your trading plan
& Plan your trade accordingly...!!!


Take care & safe investing.....!!!


Trade active: How much loud and clear you want the chart be...


in the short term, stock may retrace & test breakout zone around 560 & confirm if reversal of role i.e earlier resistance to act as support zone now holds true...



This is what was suggested and that is exactly how it panned out...retest of breakout line and zoomed all the way up above 600+

Hope you were following & listening to chart...

Take care and happy trading...
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