Himatseide - 6 month weekly closing high
Himatseide has been range bound for almost 6 months with the weekly upside capped at 160-163. The stock has managed to breakout of this range for the first time this Friday with very high volumes. The stock has also given its highest weekly closing since June 2019.
There is similar congestion in the monthly chart with the stock not being able to cross 160 on a monthly basis for many months now. Looking at the chart, we can assume that a monthly breakout is on the cards and the current upmove will continue.
Targets : 195 (200 week SMA level) and 222 (support and later resistance in 2019) are short term targets. Weekly close above 220 will take the stock much higher.
Stop Loss: Longs can be held with a WCB stop loss of 155
One can go long in Himatseide at CMP and add on declines to 160. Consider it to be a mid to long term trade/investment.
There is similar congestion in the monthly chart with the stock not being able to cross 160 on a monthly basis for many months now. Looking at the chart, we can assume that a monthly breakout is on the cards and the current upmove will continue.
Targets : 195 (200 week SMA level) and 222 (support and later resistance in 2019) are short term targets. Weekly close above 220 will take the stock much higher.
Stop Loss: Longs can be held with a WCB stop loss of 155
One can go long in Himatseide at CMP and add on declines to 160. Consider it to be a mid to long term trade/investment.
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