- The attached weekly timeframe of Sudarshan Chemical Industries Ltd is indicating an attempt of upside breakout of the larger sideways range.
- After moving into sideways range movement in the last couple of months, the stock price is now in the process of witnessing sharp upside breakout of the larger range (green dashed line around Rs.400 levels).
- Hence, the stock price sustaining above 400-405 levels by this week, then one may expect sharp upside breakout of larger consolidation band and in turn that action could have a sharp positive impact on the stock price ahead.
- In the last few months, decline was limited in the stock price as it was holding above the key lower support of 40week EMA around Rs.360-370 levels (pink curvy line).
- Weekly 13 period ADX and 13 period +DMI is showing positive indications. Both of these indicators are suggesting strengthening of uptrend in the stock price.
- The overall positive chart pattern in Sudarshan Chemical Industries Ltd is signaling a long trading set up. One may look to create long positions as per the levels mentioned above.
Click here to read the full report