Alkem Labs
The pharma related stocks are in buzz from last couple of months.
This stocks has yet to participate and has underperformed compared to its peers.
However, the chart setup now looks like the stock is getting ready to move northward.
The chart attached is Daily line chart.
The stock has been trading in Multi week Ascending channel and has formed peak and troughs near the channel lines.
Recently, stock has reversed finding support near the lower end of range.
Post that now stock has witnessed breakout from declining trendline with supportive momentum in place.
The lower panel displays MACD bullish crossover with RSI breaking trendline resistance which hints strength and momentum in price.
However, in medium to long as per pattern if lower trend support holds well price has potential to inch higher to challenge higher channel line.
If u enjoyed reading and like the post kindly follow my blog and also can join me on Twitter handle : @Rohanshah619
The pharma related stocks are in buzz from last couple of months.
This stocks has yet to participate and has underperformed compared to its peers.
However, the chart setup now looks like the stock is getting ready to move northward.
The chart attached is Daily line chart.
The stock has been trading in Multi week Ascending channel and has formed peak and troughs near the channel lines.
Recently, stock has reversed finding support near the lower end of range.
Post that now stock has witnessed breakout from declining trendline with supportive momentum in place.
The lower panel displays MACD bullish crossover with RSI breaking trendline resistance which hints strength and momentum in price.
However, in medium to long as per pattern if lower trend support holds well price has potential to inch higher to challenge higher channel line.
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| AlkemLab (D) Click to Enlarge |
If u enjoyed reading and like the post kindly follow my blog and also can join me on Twitter handle : @Rohanshah619
