Observation of Chart
Breakout of ascending triangle pattern breakout with wide range weekly candle
Break 2 Year high of 93 with huge volumes
RSI above 60 & Relative strength positive
One may take entry between 94-98 by keeping SL as 84.
Chart Pattern based target are 130--150
-possibility is very high that it will break upper resistance
-spending time near resistance with high volume shows strength
-in lower side there is 50 ema & trend support
-looking good for mid term
NSE: SPIC is closing with a bullish swing reversal candle supported with volumes.
Today's volumes and candlestick formation indicates strong demand and stock should move to previous swing highs in the coming days.
The stock has been moving along the horizontal support for the past few days which is indicating demand.
One can look for a 8% to 14% gain on...
Multi year breakout stock : SPIC 🚀
Stock has broken out of its resistance trendline connecting the highs during ipo of the stock in 1999 , pattern looks more of like a breakout retest in 12months time frame
Fundamentals of the stock are also good :
# Low debt co
# Stock trading at a very low PE ratio of 4.5
# Constant growth year on year , boosting EPS
#...
BUY - SPIC
CMP - Rs. 68
Target - 1: Rs. 81
Target - 2: Rs. 90
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Technicals - Bullish Triangle
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This is just a view by an expert analyst, please invest at your own risk.
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Southern Petrochemical looks ready for a good move.
Entry - Close above 69
Target - 78.80/91.70/101 (Short/Med/Long)
SL - 62
Views are personal, study the stock and trade responsibly.
Good break out after more than a year of consolidation.
Looks like retesting and throwing weak hands.
Bullish Bias
#SPIC bearish - Support & Resistance
Disclaimer : only for learning purpose
