The stock has shown much strength in a volatile month.
Also the volumes have been increasing over the past 4 weeks.
CMP: 546
SL: 500 (on a closing basis)
Mangalam Organics Ltd is showing a very clear Cup and Handle Formation over a very long period of 8 months. It has taken almost 6 months to form a perfect Cup and another 8 weeks to form its handle. Its a wait and watch really. If the price touches 640 with reasonable volume break out, this stock is expected to touch new highs.
If it can cross 615 on closing, then it may hit 700, 800 very quickly!
NOT SEBI registered. Charts produced here are for personal reference only and not any recommendation.
Could not break out from descending resistance line at 560 yesterday. If it is able to close above the line tomorrow and remains bullish for a couple of days, within the next three months it will hit 685-710.
Friday Manorg has crossed an important resistance and for some time 460-480 will act as a support. If it is able to close above 560 in say two weeks, we may see level of 650 in November 2020.
Could not sustain above the last resistance line while trying to cross two days ago, which is normal. Some consolidation is expected when we may see 525/500 during the better part of the next month. Nov target will be 600. If the consolidation continues instead of piercing the resistance, end November target will be 654
I think the support at 402 will be held and the consolidation around the two support/ resistance lines will continue for two to three weeks before any directional move starts.
you have not missed anything yet!
Disclaimer:I am NOT SEBI registered. THE OPINION GIVEN OR THE CHARTS PRODUCED HERE ARE FOR MY PERSONAL REFERENCE ONLY AND THEY ARE NOT ANY BUY OR SELL RECOMMENDATIONS. Kindly consult your investment advisor and family members before investing.
Mangalam made a good move on Friday and thus crossed a formidable double resistance angle. If all goes well in the interim perod, we should be able to see the scrip scaling 444 soon.
