SUMICHEM trade ideas
Rising trendline breakoutSumitomo has given breakout of upward rising trendline. Will buy with SL of 385 on Weekly CB. Target is Clean Blue Sky.
This is not a buy / sell recommendation. Publisihing my idea for education purpose
SUMITOMO Chem - CMP: 363After a long consolidation, the stock has given breakout with a good delivery volume. All oscillators are indicating bullish bios. ADX also indicating strength in the trend. We can consider price movement up to 420 to 450 in the near term.
highly undervalued scriptnice long term and good fundamental.
this is my view only for education purpose and im not a SEBI registered advisor...
Sumitomo hits upper target in styleSumitomo Hits upper target in style. Patience pays in good stocks.
SUMITOMO CHEMICAL LONGLooking 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 can be justified as a retrace after the breakout.
LEVELS:
Entry: 372-377 (After retrace)
Target 1: 452-455
Target 2: 525-528
STOP LOSS: 355-357 (Closing basis0
TRAIL STOP LOSS
Risk-Reward Ratio Favorable!!
Volumes check
MACD bullish
I would recommend going long on SUMITOMO CHEM. for a swing trade
FOLLOW IF YOU LIKE THE ANALYSIS
LIKE AND COMMENT WHAT YOU THINK!!
THANKS
Breakout in Sumitomo Chemical India...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.
SUMICHEMNote:
1. Views are personal and for educational purposes only. Recheck and take the trade as per your RR.
2. Always remember SL is your lifeline, not the big target...
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3. Views given here is not a tip rather it is for educational purpose... Aftermarket opens, the condition might change so learn to handle different conditions...
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Keep an eye ladies and gentlemen. Cheers and Happy Trading.
Go long Sumitomo Chemical India Ltd. (SCIL) is one of the leading players in the industry which has a balanced portfolio of technical as well as formulation products along with backward integration for some products. The Company is known for domestic marketing of proprietary products of its Japanese parent -Sumitomo Chemical Company Limited in agrochemicals, animal nutrition, and environmental health business segments. With the integration of Excel Crop Care Limited, the Company now has a strong portfolio of generics in addition to specialty products and a strong combined marketing network. With this integration, the Company has moved up several notches in the pecking order of the Indian crop protection industry. SCIL has also marked its presence in Africa and several other geographies of the world.
Bullish PatternBullish above 315.6
Target 337, 380+
SL: 300 on Close base
Risk is yours and Reward is too yours
SUMICHEM Positional View !!!SUMICHEM : cmp : 294
A good bullish candle has been formed in D & W chart.
On the verge of BO.Above 298 stock can move upto 338.
Good to grab on dips.
TGT 312/321/338
Sl 277 clbs
Disclaimer: Ideas for learning Only.
Learn Regularly. Not occasionally.
Rounding Bottom patternThe stock is making a rounding bottom pattern and looks good above 308.7 level
