Shitij Gandhi
Seamec has been maintaining its bull run and trading high since the beginning of the year with the formation of higher highs and higher bottom pattern on the daily as well as weekly charts.
However, from the last five weeks, the consolidation in prices has held the stock to trade in the range of Rs 240-275 levels which led to the formation of rectangle pattern which is generally traded as a continuation pattern.
The positive divergence on the secondary indicators like RSI and Stochastic which are pointing towards the next up move in prices moving forward.
Traders can accumulate the stock in a range of Rs 270-275 for the target of Rs 307 and a stop loss below Rs 249.
Disclaimer: The author is Senior Research Analyst, SMC Global Securities Ltd. The views and investment tips expressed by investment experts 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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