HLE GLASSCOAT Given a proper breakout of downsloping trendline.After showing minor weakness with rangebound action in the last few weeks, the stock price has witnessed a sustainable upside bounce in this week amidst a rangebound broader market. The Stock price has moved above the crucial resistance of downsloping trendline at Rs. 635 levels marginally and closed higher, Hence, there is a higher possibility of further extension of upside momentum in the coming week.
Volume has started to expand during upside breakout in the stock price and weekly 14 period RSI and MACD shows a positive indication. Hence, one may expect further strengthening of upside momentum in the stock price a head.
Buying can be initiated in this between 638-670, add more on dips down to Rs 600-625, wait for the upside target of Rs. 815/850+ and keep a stop loss at 595.
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Disclaimer:- Please always consult with your financial advisor before initiating any trade.
