Ruchira Papers - Investment stock (can rebound)

amankavi Updated   
Scrip can rebound back as it is facing resistance at support levels with double bottom and is already trading around 52-week low

Rest in charts.

Bullish momentum sign
1) RSI indicator rising in past few sessions
2) Although, Broadening Falling wedge pattern in play which is bearish sign however scrip has started to face resistance after partial decline
3) Stake holding of known investors like Dolly Khanna
4) Fundamentally sound company which has shown great results with progressive rise in PAT YoY basis, reducing debts with RoE more than 20%, CAGR coming in 15.87%

Aiming towards TP- resistance zone and beyond thereon after entry confirmation until the scrip sustains above support levels.

SL as per risk appetite
Comment: Bullish pin bar in play in today's session. Gap up might be seen tomorrow as MACD also showing bullish crossover

Comment: After recent pullback from ascending broadening wedge, The scrip can be seen in Bullish Divergence forming lower bottom and higher bottom in MACD and RSI. Retracement thereon with bullish reversal might take back the scrip towards 52-week highs

Trade active
Trade active:
Trade active: Cup and candle pattern -> Bullish Engulfing -> pullback -> Bullish Engulfing
Will the scrip manage to break the resistance and surge this time owing to good fundamentals and strong apprehension given by top management of the company after the company successfully completed implementation of modernization programme for which topline and bottomline will grow in Q2Fy19


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