Stock Idea - Usha Martin Ltd By Choice Broking
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The stock has turned around in the month of May'2021 once it crossed the important resistance of Horizontal Line at 47.40 |evels on a monthly chart. After that, we witnessed a sharp move in the counter, gaining more than 85% since May'21.
The price has been rising continuously for the last five months without enabling aselling pressure and rising volume activities also supporting the bullish presence in the stock. On the weekly chart, the stock has confirmed the breakout of Pennant Pattern at 75 levels on 16th Aug. and raised more than 10% Irom the breakoul levels. Moreover, the stock has been trading in Higher Highs & Higher Lows formation, which indicates bullish strength and buying interest among the trades
At present, on the daily time frame, the stock has breached the immediate resistance around 80 levels and settled above it.
In addition, the stock has traded above the Upper Bollinger Band formation & Ichimoku Cloud formation, whichis supporting the buying strength for the longterm.
Furthermore, the mamentum indicator RSI & Stochastic also witnessed positive crossover along with volume spurt. Hence, we are expecting an upward move in the stock for the short to medium term. Those who are already carrying the position can hold for the target of 99 & 105 levels. However, the fresh traders® investors can buy on dips with the support of 70-73 levels.
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