Siyaram Silk - Weekly Breakout
SIYSIL had been rangebound since end December 2020. The stock broke out with a runaway gap this Friday to close well above the recent weekly resistance level of 216. This breakout is supported by fairly high volumes and the up move will probably continue going forward.
Since the bottom in early 2020, the stock has moved up in a clear rising channel as shown in the chart. The stock traded between 180-216 in its 4-5 month long sideways move and it took support multiple times at the 40 week EMA (currently around 184) multiple times. SIYSIL can be bought at CMP and on pullbacks to 230-220 for a decent return.
Target: Near term resistance is at 257-260 (late 2019 weekly resistance) - this can be treated as an initial target.
However, a more appropriate target would be the late 2018/early 2019 weekly support area of 296- 297. The upper trendline of the rising channel (red TL) shown in the chart also currently lies in the same area making this an ideal short to mid term target for SIYSIL.
SL: Go long with a WCB SL of 220.
Since the bottom in early 2020, the stock has moved up in a clear rising channel as shown in the chart. The stock traded between 180-216 in its 4-5 month long sideways move and it took support multiple times at the 40 week EMA (currently around 184) multiple times. SIYSIL can be bought at CMP and on pullbacks to 230-220 for a decent return.
Target: Near term resistance is at 257-260 (late 2019 weekly resistance) - this can be treated as an initial target.
However, a more appropriate target would be the late 2018/early 2019 weekly support area of 296- 297. The upper trendline of the rising channel (red TL) shown in the chart also currently lies in the same area making this an ideal short to mid term target for SIYSIL.
SL: Go long with a WCB SL of 220.
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