Dinesh Rohira
Time Technoplast consolidated for almost a month after forming an upper band at Rs 180 levels and traded near the bottom band of Rs 118 levels.
However, the scrip made a strong rebound in the last session to breakout from its 200-days EMA level placed at Rs 112, indicating a positive trend reversal. It also witnessed a strong volume growth above its average level to support uptrend.
Despite failing to hold at the day’s high level placed at Rs 134, the scrip formed an indicative bullish candlestick pattern on its daily price chart coupled with positive cues on MACD indicator moving towards upward crossover from Signal Line.
Further, the weekly RSI level inched higher from its earlier level which signaled a positive momentum. The support level for scrip is currently placed at Rs 118 and a strong resistance from 10-days EMA level is placed at Rs 158.
We have a buy recommendation for Time Technoplast with target at Rs 145 per share.
Disclaimer: The author is Founder & CEO, 5nance.com. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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