KEI Industries (BSE: 517569 | NSE: KEI) changed course after nearing INR 500 Levels kei share price reached all time high of INR 495. There is selling seen in the counter and chances are there for correction, the share has not corrected since the beginning of multi bagger rally.
The cup and handle formation seems perfect with volume drying up on the way down and increasing on the way up in the formation of the body of the cup. The handle appears to be the right length too forming on the upper half of the body of the cup.
The stochastic indicator is also at an oversold position.
Theory and history suggest that spectacular moves upwards ...
CMP 230 in my view stock is almost on the verge of a breakout..Two things either it can hit resistance zone and fall back sharply or head higher for a new range.. Lets see how the px action evolves in the coming days. I think we can see 250 levels in a short term span.