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Selan Exploration - Close above long term Resistance/200 WMA

Long
NSE:SELAN   SELAN EXPLORATION
Selan Exploration closed at a post crash weekly closing high of 154. In doing so, it broke and closed above a 30 month old weekly resistance trendline on the chart. It also closed above the 200 WMA (dark green colored line on the chart) for the first time since 2019.

The stock should continue higher in the short to medium term. One can go long at CMP and add more when the stock closes above 160.

Target : 180-190 is the primary target for this long trade.

Stop Loss: Weekly close below 145 (dotted red line on the chart) will invalidate our bullish view for Selan Exploration .

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