Fluorochem results are out and expectedly were weak. That is one newsflow out of the way. Stock price remains interestingly poised.
In the chart posted below, in the extreme short term daily chart a double bottom of 2678 was posted recently. Confirmation of this pattern will happen once stock price crosses 2880. If that happens, there can be a pop up of another 200 rs which can take the stock price ( to around 3080 marked in dotted red lines) above its falling 200 dema ( in green)
Yet another interesting level going ahead is the level of 3450. If and when stock price crosses 3450, it will confirm a W or a double bottom pattern with one bottom at around 2530 and another at 2678. Above that momentum can be strong. Till that time it could largely be sideways and respond to newsflows and annoucements and move sideways. As of now two important levels in the medium term are 2530 and 3450. This could be the range to watch out for and marked in solid blue bold lines.
disc: invested.
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