Shree Renuka Sugars likely to trade higher on export

As some notification has been coming from government on exporting sugar and as per the international rates this would be a key factor for sugar companies to increase their margin. Shree Renuka is one of the biggest producers of sugar and likely to get most benefit. Technically, Shree Renuka has breakdown the descending trendline and given close above the same. As per the descending channel prices are likely to higher and touch higher band of channel. Price target comes around 20% higher then closing prices.