Stock is trading above 6 ma and 50 ma.
If stock closes above 6ma trade will be confirmed on Friday. But entry will be best on gap filling @136.
SL and target are mentioned in the chart. RR is almost 1:11.
For any queries please comment below.
Disclaimer : This analysis is not for trading recommendation.
Incorporated on 19th February 1982, Ashapura Minechem Ltd. is engaged in the mining, manufacturing and trading of various minerals and its derivative products. The company offers multi-mineral solutions across several industries from soaps to steel, energy to edible oils, metal to medicine and cement to ceramics. The company has its network of operations pan-India...
ASHAPUR MINE CHEM As per Daily chart analysis has a strong multi year resistance line at 111 level and after couple of months down trend channel the stock is moving up and once it breaks 111 level then target 118 is achievable
The stock is currently trending in a flag pole pattern and looks to be a good break out candidate.
Results are expected tomorrow and are expected to be good.
Other Supporting Technicals:
RSI - 64 (bullish but not overbought)
ADX - 26 (suggesting strong trend)
MACD is above its center and signal Line, this is a bullish indicator.
Ashapura Mine has given a breakout of its Cup and Handle Pattern on Weekly Chart.
Targets of 200-210 can be seen
Disclaimer: This Chart is purely to study Price Action and for education. I strictly recommend you to contact your financial advisor and do your own Research before initiating any trade.
Ashapura Minechem Ltd. engages in mining and exporting of minerals and its derivative products. It offers bentonite, kaolin, limestone, silica sand, and bauxite. The company was founded on February 19, 1982 and is headquartered in Mumbai, India.