Himatingka , after multi week consolidation, finally showing movement. Weekly rally base riley formation is showing. sl can be 228. Logical targets can be to immediate weekly supply zone of 310, . Beyond that we can see 340, 380 , 415 as well. Industry is also supportive.
The stock has broken out of the resistance, and is likely to continue its upward trend.
Considering the current state, the trade can be initiated with a strict stop loss of 400 for targets of 310 and 380.
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Breakout from resistance of 259 with good volume.
RS is going above 0, with good support at 221.
It's heading towards 294 then 340 in short term and 385 then 430 in medium-long term.
Chart is self explanatory. Entry, Targets and Stop Loss are mentioned on the chart.
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.
Himatsingka Seide cmp 245
Positional view on Weekly chart:
1. 3 Years Rounding Pattern consolidation BO above
250.
Buy for a tgt of 280-305-340-375-400-450 SL 200
It is just a view, pls trade at your own risk.
After rejecting the sellers price is near the neckline of inverted head and shoulder formed after the downtrend.
Keep an eye on it!
Keep supporting! Keep learning! Keep earning!
There are signs of a weak bearish divergence in HIMATSEIDE.
The prices are making higher highs but in the last 2 peaks RSI has formed almost the same highs.
The down side may not be much but I have put in 3 support levels.
S1 - 177.45
S2 - 167.7
S3 - 159.8
NOTE:
1. I have marked a similar divergence that has happened in the recent past for your reference.
2....
Weekly Chart Analysis :
~165 level was once resistance now acting as support. Watchout for Inverted H & S and, Triangle Pattern Breakout.
In recent weeks, formed good bullish candles. Good stock to add in your Investment portfolio.
Himatsingka Seide
Cmp - 183
Stop - 150 on DCB
Expectation -
T1 - 440
T2 - Open, Review at 440
Expected Holding Period - 140 trading days or earlier for T1
View:- Swing/Positional
Disclaimer:-
Ideas being shared only for educational purpose
Please do your own research or consult your financial advisor before investing
Himatsingka Seide Ltd. engages in the manufacturing, marketing, distribution and retailing of home textile products. Its products include bed lines; drapery and upholstery; and silk and blended yarn. The company was founded by Ajoy Kumar Himatsingka and Dinesh Kumar Himatsingka on January 23, 1985 and is headquartered in Bangalore, India.
NSE
