Welspun has been trying to break out from the current level twice now, but this time the volumes are in favour of the textile stock.
RSI and MACD also showing momentum. Can it break out?
Buy above 85. SL 82.5
As @bearishbull pointed out rightly, there is a hidden bullish divergence in the RSI and MACD levels as well.
Welspun Corp Limited is a welded line pipe manufacturing company engaged in offering solution in line pipes with a capacity to manufacture longitudinal submerge-arc welded (LSAW), spiral helical submerged arc welded (HSAW) and high frequency electric resistance welded (HFERW)/high frequency induction (HFI) electrical resistance welded (ERW) pipes. The Company also offers coating, bending and double jointing facilities. The Company, together with its subsidiaries, is engaged in the business of production and coating of high-grade submerged arc welded pipes, hot rolled steel plates and coils, and power generation. Its geographical segments include India and Outside India. Its manufacturing facilities are located in India, the United States and Saudi Arabia. The Company also has a plate and coil mill facility in India. Its subsidiaries include Welspun Pipes Limited, Welspun Pipes Inc, Welspun Tradings Limited, Welspun Mauritius Holdings Limited and Welspun Wasco Coatings Private Limited.
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WELCORP
