GMDC was consolidating and had a resistance near 73. But, it gave a breakout of that consolidation with a big candle. Now if it gives a day-wise closing above 76.5. It's already moving in a channel and now it had made the channel's middle band as support. If this continues, then we can expect a big move. I personally hold GMDC.
For education purposes only.
Scrip Name: GMDC (Gujarat Mineral Development Corporation)
Setup: Decent Valuation, Prices showing upcycle
Entry - 64-70
Stoploss range - 44-50 (This is an investment Idea. In case of market correction, additional positions can be added)
Target 1 - 80
Target 2 - 90
Target 3 - 105
Time Period - 3-6 Months
Monthly chart is showing a reversal from downward support line of 32 to a target of 140. Metals sector is overall getting bullish and GMDC has a good potential to be a multibagger. Target should touch within 1-2 year.
Disclaimer - This post is for educational purpose only. Please consult your financial advisor before taking any position.
Refer the chart for target and stoploss. Indicators showing positive signals. In monthly chart, slowly turning from bearish to bullish. Possible to go above the target level on upcoming weeks.
Ascending Triangle formation
Above the resistance of 43.5 can touch 46.5
RSI is favorable at 58
Today it gave a breakout of 43.5 with volume but even if it doesn't close above 43.5 today , it may do so in days to come.
Keep a close watch.