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Technical Observations

The stock is in strong up trend forming higher peak and higher trough in all time frame. It has generated a bullish flag breakout signalling continuation of the up trend and offers entry opportunity to ride the next up move

We expect the stock to continue with its positive momentum and head towards | 156 levels in the coming weeks as it is the 138.2% external retracement of the previous decline (| 142-112) placed around | 156 levels

The share price during March 2021 has registered a breakout above a rising trendline joining previous major highs of Feb’20 (| 67) and Sep’20 (| 85) highlighting acceleration of upward momentum and robust price structure

The Weekly MACD in up trend and is seen diverging from its nine periods average thus validates positive bias

Buy Meghmani Organics Ltd @ 134.00-138.00 TGT 156.00 SL 128.00

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