Camlin Fine: Attractive Chart setup !!
This stock does not carry much historical chart data as the stock has been listed a few years back. The stock has been listed in January 2015. However, in terms of five years stock has been languishing in an overall sideways trend.
So far investors in this stock would have not been much cheerful as the stock has failed to delivered good returns. In around five years stock is still trading near the listing price. However, looking at the weekly chart the medium-term trend looks promising and indicating good upside potential in the stock price can be witnessed.
The stock registered an all-time high in January 2015 and post that stock has seen a strong decline. In a matter of 9 months stock tumbled to 40 levels from 155 levels. Post forming a low in October 2018 (at 36 levels) stock has been trading in a sideways range. The stock has been oscillating in 50 points range from last two years i.e 35 to 85 levels.
The long consolidation has emerged out has a Bullish Double Bottom price pattern. The Double bottom pattern is generally considered as a Bullish reversal pattern in nature and signals change in trend from bearish to bullish. This month stock price has registered a breakout from the same with supportive volumes.
In recent months stock has witnessed. strong and sharp up move taking the price from around 50 to 100+ level. Looking at the strong up move, the price may consolidate here and gather strength for the next potential strong up move.
The Price-Volume indicator attached below is trading well above 0 zero reading and trending higher which is a bullish signal and compliments bullish view on price.
The stock price is trading above 50,100,200 moving averages which suggest a positive trend and strength in stock price. The momentum indicator attached in the lower panel show indicator has surpassed its previous peak and inching higher which indicates strength and compliments a bullish view on price.
Following price pattern, volumes, and other technical tools price has the potential to scale higher towards 120-133-150 in the medium-term.
The above view holds true until the price does not close below 84 levels. The strong support is visible around 95-88 levels.
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Disc. The above-shared analysis is solely my view as per my understanding and knowledge and for educational purposes. I will not be responsible for any loss or gain incurred.
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