Seems to be a double bottom, lows being made 3 months apart @801-805. We will be able to confirm it if it makes a U turn northwards. Else a strong support line in the range of 800-850 waits the stock to extend necessary support when it reaches there.
The stock has been backward integrating as a strategy. Pre Covid the company had its best result in along time. There could be a revival again this quarter. Results are on 29th Oct.
Technically the stock could be breaking out after consolidating for an entire quarter. Long at CMP with stoploss below 1050.
Fundamentally expecting a 100% YOY growth in profits...
Astec has broken a good support last Monday big time. If it recoups in a couple of days, the early December target will be 1300, else we may see it will drift to a level of 800 in a month, where a support is there
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Very comfortably placed being well above the strongest support line and trying to break the next resistance line.Even if it continues to move in bullish manner below this resistance line, December target will be 1300
I took a pilot position at 532and I will be looking to add at minor corrections
Technical: stock quickly recovered from recent COVID-19 crash lows. It held 2019 lows and surged higher very quickly to make new highs. it has clocked the highest volume since 2017 and it's pretty close to its all tie high. The volume on up days are higher than the volume on down...