Plastiblends: Breakout looks good and trend is up... BULLISHPlastiblends
Cmp 593
Observations from chart:
- the stock has given a breakout & has come out of ascending triangle
- consolidation phase within triangle is of nearly 10 months in 1st chart
- this is generally a low volume stock with occasional spikes in volume
- MFI & RSI are currently in overbought zone
-- in the short term, stock may retrace & test breakout zone around 560 & confirm if reversal of role i.e earlier resistance to act as support zone now holds true...
Given the set up
- Any dips towards 560 provide good opportunity to go long for target of 680 over medium term & 840 over medium to long term.
One of my friend who follows Fundamental Analysis to the core is quite bullish on the stock & has a 3 fold target over longer term.
Do review and check with your financial advisor before taking any decision...
As always, review your trading plan
& Plan your trade accordingly...!!!
Take care & safe investing.....!!!