Stock Radar: GHCL breaks out of Triangle Pattern, eyes fresh 52-week high

Short- to medium-term traders can look to buy the stock or, if they already have it in their portfolios, can remain invested for a target of Rs 602-665 in the next few weeks, suggested experts.

Synopsis
GHCL, a small-cap chemical stock, hit a 52-week high in September 2023 but subsequently declined. After bottoming out in March 2024, the stock regained momentum but failed to sustain it. It witnessed resistance above 500 levels but found support above 50 and 100-DMA in May and June, respectively, on the daily charts. In terms of price action, the stock is now trading well above most of the crucial short- and long-term moving averages such as 5,10,30,50,100, and 200-DMA — a positive sign for the bulls.

GHCL Ltd, a part of the commodity chemical space, might be down in double digits from its recent high but the stock bounced back after retesting 100-day moving average earlier in June.Short- to medium-term traders can look to buy the stock or, if they already have it in their portfolios, can remain invested for a target of Rs 602-665 in the next few weeks, suggested experts.The chemical stock, which is also a part of the S&P BSE Smallcap index,

Kshitij Anand

ETMarkets.com

3 mins read

Jul 03, 2024, 05:00:00 AM IST

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