Multi Year Breakout - Retesting Done (Pennant Formation)
Updated
Rama Phosphates is involved in the business activities of Manufacture of other fertilizers.
The Stock broke out of a Multi Year Resistance with a very good volume and Rounding Bottom Formation on charts. The Stock retraced back to test its breakout level and is ready to bounce back. There is a continuous good volume seen in the stock. The stock from a technical standpoint is trading close to its 50DMA and comfortably placed above its 200DMA. The RSI is at perfect levels. There is a clear positive crossover of MACD Line on daily charts. All technical Indicators are indicating strong buy.
The Company is fundamentally very sound. The company is debt free and has a strong balance sheet enabling it to report stable earnings growth in future.
Don't Miss to add above 150 levels for Targets of 180-200 with SL at 135.
Feel free to share your feedback and queries.
The Stock broke out of a Multi Year Resistance with a very good volume and Rounding Bottom Formation on charts. The Stock retraced back to test its breakout level and is ready to bounce back. There is a continuous good volume seen in the stock. The stock from a technical standpoint is trading close to its 50DMA and comfortably placed above its 200DMA. The RSI is at perfect levels. There is a clear positive crossover of MACD Line on daily charts. All technical Indicators are indicating strong buy.
The Company is fundamentally very sound. The company is debt free and has a strong balance sheet enabling it to report stable earnings growth in future.
Don't Miss to add above 150 levels for Targets of 180-200 with SL at 135.
Feel free to share your feedback and queries.
Trade active
First Target was done. Can Book half profits or Trail SL to 165
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