BHANSALI ENG POLYM Breakout prediction long opportunity

22 בנוב׳ 2023

BHANSALI ENG POLYM is a Process Industries/ Industrial Specialties stock that have been consoladating for past 7-Months. by looking the volume spike it seems bulls will be taking the stock to outside the channel now. once breakout is successful, after little consolidation it can give a very nice Risk:Reward :: 1:3 Approx.
Reasons:

1. RSI is crossing 60 to upside. (Bullish)
   
2. 200 EMA have been providing a nice support for very long time. In History also it has been a nice support and resistance.
   
3. Rectangle Pattern breakout is about to happen. If it gives a popout candle then you may go long by putting a small stoploss.
   
4. Price > EMA(13,50,200) which shows bullishness. but as it has been a trendy momentum for past 2 weeks. I am expecting it to give little consolidation outside the channel and then bullish momentum.
   

Verdict:
Bullish Breakout is about to happen

Plan of action:
Entry after consoladition
BUY: 98-100 after consoladition
Stoploss: 96
Target: 111