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:
RSI is crossing 60 to upside. (Bullish)
200 EMA have been providing a nice support for very long time. In History also it has been a nice support and resistance.
Rectangle Pattern breakout is about to happen. If it gives a popout candle then you may go long by putting a small stoploss.
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
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