The Stock of Usha Martin ltd is currently Trading at 30.5. It 52-week high/Low Stands at 30.5/17.00. It is gradually moving up with Higher top and higher bottom pattern from last couple of years. However on a longer period chart the stock has formed a downward sloping channel pattern and gave a breakout at 25-26 range on both weekly and Monthly charts.
The breakout was supported by huge volumes and the 14-period RSI is quoting above 69 which is indicating a momentum on the stock price.
Last week, stock has breached a major resistance at 30 level, which is kind of cup and Handle pattern breakout. Going forward we may see a rally. Hence we recommend to BUY the scrip at CMP with Target of 45, 66 and 90 in Short, medium and long-term respectively with SL of 26.8.
The breakout was supported by huge volumes and the 14-period RSI is quoting above 69 which is indicating a momentum on the stock price.
Last week, stock has breached a major resistance at 30 level, which is kind of cup and Handle pattern breakout. Going forward we may see a rally. Hence we recommend to BUY the scrip at CMP with Target of 45, 66 and 90 in Short, medium and long-term respectively with SL of 26.8.
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| Usha Martin Cup and Handle Breakout |
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| Usha Martin |
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