Stock name = Oriental Carbon & Chemicals Limited.
Weekly chart setup
Chart is self explanatory. Levels of breakout, possible up-moves (where stock may find resistances) and support (close below which, setup will be invalidated) are clearly defined.
Disclaimer: This is for demonstration and educational purpose only. this is not buying and selling recommendations....
Market Share: #
OCCL is the sole manufacturer of Insoluble Sulphur (IS) in the domestic market.
Majority of demand for insoluble sulphur is derived from the automotive tyres industry.
It enjoy a domestic market share of nearly 55%-60% and around 10% market share in the global market.
OCCL has established itself as a preferred first/second supplier to all major...
In the Weekly Chart of OCCL ,
we can see that, it has formed a Double Bottom Pattern.
We can see a strong recovery in W Pattern.
Enter on breaking its HIGH with LOW as SL.
OCCL already shows RSI positive divergance FIb level 2 is next ressitance which is same as 200EMA on daily tf but sentiment seems positive still should wait for breakout and enter on retesting
Parallel channel breakout. Also 4 year resistance zone have become as a good support now for the stock. Easily can go to All time highs but first target can be 1420. There are three possibilities from here "a" ,"b" and "c".
a- stock can touch recent lows around 1160-70 and can bounce from there.
b- can touch the resistance zone once again and then bounce.
c-...
The short term EMA's are bunched and mid & long term EMA's are moving upwards.
Bullish Engulfing on weekly charts.
Buy - 1220 - 1230
CBSL - 1172
Target 1 - 1263
Target 2 - 1320
Risk Reward - 1:2
