Bullish Breakout in Meghmani Organics
Big Volume breakout in meghmani organics. The stock broke above its 9 month old rising trendline (blue) which it had violated in january. the stock also breached the resistance trendline (red) which was holding back the stock for a long time.
This move was accompanied by massive volumes and points to a classic price and volume breakout in the stock.
Going forward Meghmani will target the 100-110 congestion zone where it traded in early to mid 2018.
Higher targets are possible once 110 is cleared on a weekly basis.
One can go long in Meghmani Organics with a DCB stoploss level of 87 (dotted line)
This move was accompanied by massive volumes and points to a classic price and volume breakout in the stock.
Going forward Meghmani will target the 100-110 congestion zone where it traded in early to mid 2018.
Higher targets are possible once 110 is cleared on a weekly basis.
One can go long in Meghmani Organics with a DCB stoploss level of 87 (dotted line)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.