Manali Petrochemicals Ltd - Volume Breakout

After the bull run, price retrenched to fib level at 38.20%. The fresh movement observed in stock, aptly supported by volume and moving average.
Stop Loss - Below support level ; Target 1 - Rs 109, Target 2 - ATH

Daily chart
9 months of consolidation, afterward symmetrical triangle breakout. The stock perfectly retested that level and uptrend continued.

Technical chart
From past 18 months, stock facing a strong resistance at 200 ema. Currently price closed above 200 ema with short average crossing over long average and supported by strong volume.

Thanks

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Komentarz:

pause and resume with volume