drupadk

RKFORGE - new 2021 closing high

Long
BSE:RKFORGE   RAMKRISHNA FORGINGS LTD
As the chart shows RK Forging has cleared 4 month old resistance at 615 this week. The breakout happened middle of last week and the stock managed to hold above the resistance level of 615 and closed at 647 this Friday with very high volumes.

One can go long in this stock with possible targets at 705 and 850 both of which are important levels for this stock from the 2018 bull market. A WCB SL of 615 (current breakout level) is ideal.

PS: RK Forging is an illiquid stock with fairly low volumes, please trade accordingly.





Trade active: after I recommended the stock at 647..2 months back, the stock has largely been sideways till the past week when it finally managed to touch and surpass our first target 705 and closed the week at 692 with decent weekly volumes.

The stock is now headed to our second target of 849 and since it has consolidated for more than a few weeks the upcoming move can be very fast.

SL: trail SL to 665 (WCB)
TGT: 849 and beyond

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