Gujarat Raffia Industries _a breakout on cards and 90% upside!It was noticed that the stock has been in an bottoming and accumulation phase for more than 2 years starting Aug 2021 till date.
During this 2 year phase the stock attempted to go beyond the INR 40 mark but the same proved to be a strong supply/resistance zone for the stock preventing it from going higher(though few spikes/tails managed to pierce it a few times).
On the downside however, INR 27-30 kept providing a very strong demand zone/support for the stock(though a few tails pierced it on one of the occasions) and was probably used to accumulate this stock by interested parties during this phase.
The stock gave a falling trend line breakout last week with growing volumes and has greater chances this time around of breaking-through the INR 40 wall that it could not break-down in past 2 years.
There is little to no resistance for the stock once it closes(weekly) above INR 40.INR70-80 seem to be the only resistance on the chart which from current price are almost 90% upside.
INR 33 can be used a 'SL' for this stock to enter around INR37-40 zone for a potential target of INR70-75.
NOTE*-The views expressed are based on personal opinions/observations. Please do your own analysis of any company in which you wish to invest/trade.
