SUMITOMO CHEMICAL - 2 month consolidation with higher lows has now reached the pivot with tight action and volume has also dried up suggesting all supply has been soaked up. buy can be initiated
CMP - 497 BUY PRICE
483 - SL
530 - TARGET
505-507 RESISTANCE
Sumitomo chemicals is an leading company in Indian Chemicals sector.
The quarterly earnings of the company were strong, but due to short term regulatory changes, the share saw a downfall.
One of its chemicals ~ 15% revenue had its usage restricted, but the management expects these headwinds to ease in the mid to long run.
Overall valuations seem attractive,...
Sumitomo chemical picking up the volumes and broke it previous resistance .Target shows in the chart
ps.I am not sebi registered this content is education purpose only
This is follow-up on Sumitomo Chemical. Can check link to related ideas.
Target 1 achieved. More than 9%. Target 2 is ON. Can give big move once price close above purple trend line .
Chart is self explanatory. Entry, Targets and Trailing Stop Loss are mentioned on the chart.
Disclaimer: This is for demonstration and educational purpose only. This is not buying...
CHART -> SUMITOMO CHEMICAL WEEKLY SETUP
As seen per charts, there are few things to note:
1. In weekly time frame, it has given a beautiful flag and pole breakout.
2. Last breakout candle has been with marginally better volume.
3. RSI has gone above 60.
4. MACD crossover during breakout candle.
Targets:
1. All Time High: 460
2. Flag and Pole target:...
This is just for educational purpose and no buy or sell recommended.
Chart is self explanatory and if it shows a good green breakout candle then consider this for long positions
CHART -> Sumitomo Chemical WEEKLY SETUP
As seen per chart, it looks like Sumitomo Chemical is trading under a flag and pole pattern. Any side of the trendline breakout, may it be on the upper or lower, will decide the further path of the stock. For breakout it has to cut the trendline on a weekly close candle.
As per today's scenario a morning star, which is...
#sumichem
Sumichem / sumitomo
Volumes are nearly dead.
Expecting a spike soon.
Trading around support area.
Can be good addition.
Although in chemical play don't keep this one as major holding in folio.
#VR
*Always Enter With good confirmation & Maintain proper Risk Reward.
******* Knowledge Purpose only ********
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Chart is self explanatory. Entry, Targets and Stop Loss are mentioned on the chart. Can give big move once price close above purple trend line.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
![SUMICHEM: BUY - Sumitomo chem [swing trade idea]](https://s3.tradingview.com/q/QHOglYQv_mid.png "BUY - Sumitomo chem [swing trade idea]")
