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RCF share: After trading downside to sideways for last six months, RCF share price has started giving upside move. In last one month, the chemical stock has moved more than 10 per cent upside and managed to enter into the bullish zone. Sumeet Bagadia of Choice Broking has advised positional stock market investors to take advantage of this expected bull run in the counter. He sees 30 per cent upside from current levels in RCF shares.
Speaking on RCF share price outlook; Sumeet Bagadia, Executive Director at Choice Broking said, “On a weekly time-frame, after taking a support at Horizontal Line i.e. around ₹68.80 levels the stock has reversed in upward direction and sustained above Middle Bollinger Band formation. Moreover, the stock has also been trading above 100 weeks Simple Moving Averages that suggests bullish strength for the medium term.”
The Choice Broking analyst went on to add that on the daily chart, RCF share has been forming a Rounding Bottom formation, which indicates a continuation of the bullish trend. In addition, the price has traded above Ichimoku Cloud & 50-days Exponential Moving Averages, which point-out positive moves for the near term.
A volume activity is also supporting the bullish trend with positive bias that confirms the buying interest among the trades.
A momentum indicator RSI & Stochastic witnessed a positive crossover on a daily scale, which is a positive indication for the price.
On his suggestion to stock market investors in regard to RCF share price; Sumeet Bagadia said, “One can initiate a long position in RCF at CMP or fall in the price till ₹75 levels can be used as a buying opportunity for the upside target of ₹88 and ₹99 while the support is placed at around ₹72 and ₹68 levels. So, ₹68 should be considered as a stop loss on a closing basis.”
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.
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