Fluorochem update. Earlier we had discussed a possibility of a bottom formation based on positive divergence on weekly charts. Stock price has displayed some strength and on the back of decent q3 fy 23 numbers and encouraging commentary from management, there seems to be slight shift in the mood in stock price. It still is to conclusively cross 200 dema, which is close to today’s closing price.
On daily line chart we can see a cup and handle formation with potential target marked in dotted blue line at 3500. 3500 also happens to be a level close to 61.8% retracement to the entire fall from 4173 to 2534.
A simple trendline joining the tops also shows a breakout above the falling trendline.
disc; invested as disclosed before. (not a recommendation, but following the academic progress of the chart discussed earlier)
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