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...
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
Sumitomo Chemicals seems to be giving a BO on daily charts, volumes are decent, RSO is close to 60. The RSI has given bullish divergence, this can be confirmed with the BO given today of the falling trendline with decent volumes.
Disc : Invested, not a reco to buy or sell.
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
Fundamentally the stock is Strong.
If it gives a breakout can go back to previous highs and a little further.
if it breaksdown can go down a good way.
Watchout!!
in my watchlish!!.
*Always Enter With good confirmation & Maintain proper Risk Reward.
******* Knowledge Purpose only ********
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Looking at the weekly charts of Sumitomo Chemicals it can be seen that there is a year old resistance line. And then there is beautiful breakout of this line accompanied by good volumes... (OPEN THE CHART FOR DEATAILED VIEW)
Now, here RSI is high and shows momentum. Hence RSI should fall marginally. Therefore, prices must fall, but not to a great extent. This...
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.
Trend is still weak for 270. Range has increased along with minor increase in volume. RSI has dipped below 30. Wait for some range contraction along with increased volume to justify reversal. 260 is one major level on daily closing basis. Weakness is still there.
SUMICHEM: Long
Forming a box or consolidation structure and every time previously the stock touched the upper line of the box it has corrected till the lower line but this time it didn't which shows strength in Buyers. Also, the elephant steps in the volume are visible which means someone is accumulating. Long with SL at 280. Can add till 290 or at CMP. If it...
![SUMICHEM: BUY - Sumitomo chem [swing trade idea]](https://s3.tradingview.com/q/QHOglYQv_mid.png "BUY - Sumitomo chem [swing trade idea]")
