Transpek Industries, On verge of Break Out
A leading chemical manufacturer, with decent fundamentals, shows consolidation on daily charts. Look at levels of 1341 and 1424 as marked on charts. From 17 Feb, its almost 2 months stock is in this narrow range.
The fall from highs came at lower volumes and after that this sideways movement. Now the stock seems to pick up and waiting to break the above mentioned range. RSI too showing increasing trend even though stock is in sideways trend i.e. a bullish signal.
1475 - 1540 (200 day EMA) - 1700 are eventual targets.
Disclosure - I hold this stock.
The fall from highs came at lower volumes and after that this sideways movement. Now the stock seems to pick up and waiting to break the above mentioned range. RSI too showing increasing trend even though stock is in sideways trend i.e. a bullish signal.
1475 - 1540 (200 day EMA) - 1700 are eventual targets.
Disclosure - I hold this stock.
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