Sanghi Industries closed at 18 month weekly high and in doing so, gave its highest post crash weekly close as well. The stock managed to close above the 47.65-48 level which was a very prominent weekly resistance currently and which was a strong support back in 2019 .
Like many other stocks, Sanghi has moved up in a well defined rising channel post the 2020 crash. While the ascending upper trendline (red coloured tl) may prove to be a resistance in the short term...the overall chart is very bullish and the stock will mostly clear this resistance in the short term and move higher.
Once this near term resistance is taken out..the stock should target the 60-70 band which represent important price points on the chart between 2017-2019.
One can go long in this stock with a medium term view with a WCB SL of 43-44
Like many other stocks, Sanghi has moved up in a well defined rising channel post the 2020 crash. While the ascending upper trendline (red coloured tl) may prove to be a resistance in the short term...the overall chart is very bullish and the stock will mostly clear this resistance in the short term and move higher.
Once this near term resistance is taken out..the stock should target the 60-70 band which represent important price points on the chart between 2017-2019.
One can go long in this stock with a medium term view with a WCB SL of 43-44