Symmetrical triangle Breakout in India Glycol
Previously on 9th Sep stock had given breakout from its symmetrical triangle patter and now, price is coming for the retest.
If you observe todays candle, it is forming a hammer, indicating upside move in coming days.
For further Strong upside momentum price has to close above 980. All possible targets are marked on...
India Glycol has given breakout of double bottom pattern, this
week with a life high, this breakout have unlocked huge targets for
itself.
MACD has also shown a positive crossover.
RSI is supporting the up move which further provides confidence.
INDIA GLYCOLS as per daily chart analysis stock once breaks resistance 1016 then above 1017 and target 1027. As per my view tomorrow might be a bearish day after a initial rise or gap up.
Very good structure
Good volume in uptrend and volumes drying up during downtrend/ consolidation
Buy at CMP or wait for candle close
Support near 635-600
weak below 600
Market Cap-- ₹ 2,361 Cr
Stock P/E-- 12.5
ROCE-- 11.5 %
ROE-- 13.9 %
Free float only-- 37%
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India glycol came out of accumulation zone today with strong momentum & with volume , stock retested its corona top and now ready for big move, volume candles telling the truth
India Glycol has been outperforming nifty and looks strong in the coming weeks also.
The stock went into forming VCP and now taking some breath and forming a Flag pattern on the daily time frame. If breaks 740 levels it is good to go for another 40% ride.
SL 661
Target 996
* This stock now ready for fly, after breakout now pullback completed and now bounce from its important support level . Thats why i am bullish in this stock .
Kindly Let us know if you have any question .
Trading possibilities for Coming days.
This stock has shown weakness consistently over the last few days and today also it closed low. It still has bearish Momentum left and can go further down. You can trade this for intraday and also for few days in the coming week.
Look for selling at the levels marked in red and / or whenever you see a Bearish candle pattern...
