chemplast wait for breakoutTriangle formation, wait for breakout.
formed pinbar today.
for education purpose only.
CHEMPLASTS trade ideas
Formation of "N" Pattern We dont read about N Pattern in text books/ technical analysis books. But it is a very strong pattern and in most of the case it is observed that once N pattern is broken, a sharp move is provided by such stock.
Chemplast - IPO breakoutOne of the new IPO's in recent times which didn't list strongly. But with the recent change in market conditions things seem to have changed. Chemplast is one of the biggest domestic PVC Resin suppliers. Resin prices have moved up significantly from 1350 - 1850.. Chemplast could be one of the biggest beneficiaries of the same.
Above 616 it could form a potential hockey stick move into a fresh high...There are a few mutual funds too which have been buying the stock post listing which could lead to a high demand for the stock .
Long above 616 with a SL below 590.
