1. Double Bottom at Demand Zone 2. 50 EMA support 3. Volume Spike 4. ADX - shows Trend Strength buildup
Hi As per the analysis, we can see prakash industries has given a breakout. It has gone above last month high of 77.20 and currently trading at 80.45. it tested the lows of 19 around 3 times till date. As of now its above Rsi - 50. Macd is positive Potential for the upside is huge. We can keep a SL of 67 and wait for the target of 130 and above that 230
POSITIONAL VIEW IN SHORT TERM #PRAKASH IND BUY PRAKASH IND @ 80 ADD MORE 72 STOP LOSS - 61 CLBS TGT - 100 120 140 160 +++++
Prakash Industries weekly chart looks attractive with low risk and high profit potential opportunity. Although we see promoters pledged their stake, one can take a risky bet and look at this stock for long term investment.
Trading in Channel. Downward momentum reducing gradually, which is good thing. Demand Zone near 140-150. Shouldn't break Min. support, if at all, max. support. RSI Breakout can keep in watch. A positive breakout of Upper trend line from Demand zone is VERY bullish. Immediate support @165, closing below this level, we can see the stock heading to demand zone.