Pennant pattern created on daily chart of Richo Auto, anytime breakout can happen on it.
Stock flowing in short uptrend above its 50 MA.
Didnt break retracement level of 24.45 couple of days back, again taking support from somewhere there.
Average Delivery data of 10 days in NSEindia is 47.528
can add 6 rupees of target from the breakout point.
RICOAUTO is currently facing resistance and in days to come it could test the channel bottom if it breaks down below 88.
Rico bulls need to be careful even after a breakout above 107!
After a brief consolidation of over a month, the stock has broken out and is posed to start it's next leg. Keeping a trailing SL of 98 odd levels, strength can be seen ahead on the stock.
Scrip had reached crucial support level for not having so good Mar-(YoY) results 2017 although, OPM% managed to remain above inflation rate :)
Bullish reversal appears on the card for now
TP = Resistance 1, 2 around consolidation as seen earlier
Crossing could touch (52 week high) 75.35
Rico Auto Industries Ltd. engages in the manufacture and sale of auto components for two wheelers and four wheelers. Its products includes oil pump assembly, fuel system parts, center housings, back plates, oil pan, front cover, main bearing caps and brake discs. The company was founded in 1984 and is headquartered in Gurugram, India.
RICOAUTO
