In this weekly chart wave (1) is completed at 540 and wave achieved its minimum retracement range....If wave (2) is already completed at 336 then wave (3) is already started and may achieve given targets of wave (3) in upcoming months or so....but if wave (2) is still in progress then 345-268 support(buying) range for the stock....
After trading demand zone. Stock has moved from the bottom and given triangle breakout. Had long position from 382 and holding.
Target can be 420 and Target 2 can be 440 levels.
Stoploss around 380 levels. One can enter after retesting trendline levels for long.
#SUMICHEM at 415
4% away from 395-400 major support level that has been retested 3x in 2022 & 3x in 2023 so far.
if support holds -> likely upside 450 min
wkly close below 390 , next support 362
results on 27-oct-23 - likely margins 🔻
NSE: SUMICHEM 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 13% gain on...
every thing looks alike as previous chart. i just tabled the first wave of the new emerging wave in a detailed manner than the previous chart. a minor update
After correction for more than 1yr there is first sign of reversal seen in Sumitomo chemical
T1 490 T2 525
SL 397.
Its better to Buy on dip for better risk reward
BUY - SUMITOMO CHEMICAL IND LTD
CMP - Rs. 445
Target - 1: Rs. 520
Target - 2: Rs. 580
Target - 3: Rs. 658
.
Timeframe - Target - 1: 3-4 months, Target - 2: 4-6 months, Target - 3: 6-9 months
.
Technicals - Bullish Flag Breakout
.
This is just a view by an expert analyst, please invest at your own risk.
.
Follow me for more!
Seems Sumitomo chemical is getting accumulated. Keep on radar for breakout above trendline. 420-427 is also a hurdle. Can touch 445 quickly if cross 427.
Sumitomo Chemical is forming inverse head & shoulder pattern and is on verge of breakout on daily time frame. Keep on radar for closing above 430. Momentum is also getting strong.
