Gujarat Fluorochemicals: Symmetrical Triangle breakout
CMP: 2916 | Industry: Chemicals
P/E: 26.3 | Industry P/E: 29.9|ROE: 13.7% | ROCE: 27.1% |BV: INR 503 | EPS: INR 111| MCAP: 32,033 Cr.
Aggressive Entry: 2,916 | Resistance Levels: 3,152 | 3,552| 4,076 Stop Loss: 2,680
Confirmation entry levels > 3,049 | CCI: -82 | EMA (9d): 2,793 | S. RSI: 25
Analysis: GFCL has been in the formation of a symmetrical triangle pattern since June 2022. It has rejected to break out from a declining trendline twice previously in Oct’22 and May’23. This time stock seems to be in strong momentum with rising volumes for 2 weeks consecutively. Momentum indicators are recovering from Oversold regions and with an uptick in direction too. If the stock closes above 3,049 entries can be taken for the nearest breakout levels of 3,152, 3,559 and the long-term target of 4,076. In case of pattern failure stop stands at close below 2,680.
P/E: 26.3 | Industry P/E: 29.9|ROE: 13.7% | ROCE: 27.1% |BV: INR 503 | EPS: INR 111| MCAP: 32,033 Cr.
Aggressive Entry: 2,916 | Resistance Levels: 3,152 | 3,552| 4,076 Stop Loss: 2,680
Confirmation entry levels > 3,049 | CCI: -82 | EMA (9d): 2,793 | S. RSI: 25
Analysis: GFCL has been in the formation of a symmetrical triangle pattern since June 2022. It has rejected to break out from a declining trendline twice previously in Oct’22 and May’23. This time stock seems to be in strong momentum with rising volumes for 2 weeks consecutively. Momentum indicators are recovering from Oversold regions and with an uptick in direction too. If the stock closes above 3,049 entries can be taken for the nearest breakout levels of 3,152, 3,559 and the long-term target of 4,076. In case of pattern failure stop stands at close below 2,680.