After constantly making HLs stock is ready to make a HH.
Last weekly candle looks bullish and stock is ready for good upside movement.
Stock has risen from golden Fibo level of 61.8 and Thursday volume is higher than the average daily voume after a long time.
Intraday - Above 2300 for targtes of 2340, 2370 and 2410
SWing Above Day end close of 2300 for 2600,...
The stock, National Peroxide, is listed on BSE only. Historically, it's comparatively low volume stock. But, the company has near monopoly in Hydrogen Peroxide market.
As for current swing trade set up, the stock after a fairly long downtrend, hovering in and around 1800 to 2200 range till April '20. After that it went into more concentrated consolidation in 1800...
Post breakout of long consolidation on weekly chart, it retraced to breakout level for retest and consolidated near support in a narrow range on daily chart. it has also formed triangle pattern. breakout of this triangle pattern upside, shall give momentum in it towards recent highs.
NATIONAL PEROXIDE (Listed on BSE)
Looks good for long as after a good long consolidation for nearly 10 months it has given a good Break Out in the month of April 2021 with decent volumes, which it had failed 4 times earlier to give BO. After BO with decent volumes it has retested the BO level and falling from 2900 it came down with very low volumes.
So can be...
it is at 52W high and given weekly breakout of Ascending triangle at 2365 range. sustaining above this level on weekly candle, gives open upto 3000 levels.
RSI is at 75 on daily.
ADX is at 32, sloping upwards indicating good momentum.
Target: 2900 // 3300 // 4000+
LAST RECOMMENDATION FOR THE MONTH!
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Might blast to more than 4000+
Super Bullish on this stock.
From Rachit Sethia with 💚
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National Peroxide Ltd. engages in the manufacture and sale of hydrogen peroxide. It also offers compressed hydrogen gas, per acetic acid, and sodium perborate. The company was founded on March 16, 1954 and is headquartered in the Mumbai, India.