This stock is showing signs of reversal and is showing signs of breaking out.
Long at or above 300 with SL at 280 for T1 - 325 T2 - 350 T3 -375
1. Volume breakout
2. Candles breaking the cloud
3. Baseline Conversion line crossover
4. Green cloud formation
5. MACD buy signal
Only RSI is overbought which will give a slight pullback.
Fundamentals-
1)A very attractive company in the niche space of biotechnology and enzymes.
2)Company has been growing on 10% rate.
3)numbers like Operating profit, net sales are doubling YoY @>15%
4)It is a NIche player in niche space and hence will enjoy less competition and more growth
Technicals-
1)Stock ihas been split recently from the levels of 2200 to...
It has been observed that the price action was trending down for past 5 months and now, it showed a strong volumes at support levels indicating a buyers coming back. It has another resistance at 280 levels, if it breaks and closes above it on weekly chart then it shall confirm a change in trend and will further rise up.
Target 1: 280
Target 2: 320
Stoploss: 245
The stock has made retrace up to 88 % of its original move i am looking to go long on pull back near 268/269 with stop of 263 for Target of 290+
Statutory disclaimer
This information is not an advise or should be considered as advise for buy or sell , its sharing of view on social network hosted by Trading view
Regards
