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.
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