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Resistance Breakout with Inverse Head & Shoulder Formation

Long
NSE:SHK   S H KELKAR AND COM
S H Kelkar & Company is involved in the business activities of Manufacture of essential oils; modification by chemical processes of oils and fats (e.g. by oxidation, polymerization etc.).

The Stock Broke a major resistance with a good volume with Inverse Head & Shoulder Formation and Rounding Bottom Formation on charts. RSI is perfectly placed at 67 levels that shows that the stock is not a overbought zone. There has been continuous rise in volumes indicating consistent accumulation of stocks.

The Stock performance has also improved considerably during Q2 & Q3 of FY 21 showing an increase in EPS of 233% & 201% respectively. Mutual Funds stake has continuously increased during the quarters form 2.21% in June quarter to 4.1% in December Quarter. Last quarter performance is pending and is expected to be on better side.

Accumulate now for targets of 170-200-240 with SL at 125.

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