• The attached weekly timeframe chart of Venus Remedies Ltd is indicating a sharp upside bounce during this week and the stock is currently trading at the highs.
• The stock price was moving in a larger consolidation range over the last few months and is currently making attempt to stage upside breakout of the range of around Rs.113.50 levels (brown dashed lines). Hence, the stock price moving/sustaining above Rs.114-115 levels could have sharp positive impact ahead.
• The stock price has also moved above the key long term resistance of 100week EMA (pink curvy line) during this week around Rs.109 levels and is trading higher.
• This moving average was showing strong resistance for the stock price for few occasions in the last 8-10 months and the upside breakout of this resistance could possibly have further positive impact in coming weeks.
• Weekly 14 period RSI has turned up above the key upper levels of 60. Weekly RSI was finding strong resistance at 60 levels in the last many months and its turning above crucial 60 levels could mean strengthening of upside momentum.
• The positive chart and momentum oscillator in Venus Remedies Ltd is signaling a long trading opportunity. One may look to create long trading positions as per the levels mentioned above
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