MIDHANI gives a symmetrical triangle breakout

The stock of Mishra Dhatu Nigam Limited has given a symmetrical triangle breakout on the weekly time frame. This breakout was confirmed by the above 50-week average volumes. Additionally, the stock formed a sizeable bullish candle on the breakout week, which adds strength to the breakout.

Currently, the stock is trading above its 20-day EMA (136.50), 50-day EMA (129.60), 100-day EMA (126.95), and 200-day EMA (127), pointing towards a medium-long term uptrend. The leading indicator, 14-period RSI, is currently quoting at 78.51 and is in a super bullish zone. The daily and weekly MACD stays bullish as it is trading above its zero line and signal line. The histogram is suggesting a pickup in momentum. The other volume-based indicators like OBV and Money Flow index are also very strong. Moreover, the trend strength is absolutely extremely high as the ADX is above 40 and -DI is much below the +DI and ADX.

Going ahead, the stock has strong support in the zone of Rs. 150-146, while on the higher side, the major resistance is placed in the zone of Rs. 175-177.

On Friday, the stock of Mishra Dhatu Nigam closed at Rs. 162.55 per share, registering a surge by 11.80 per cent. The stock opened at Rs. 146.95 per share and hit an intraday high of Rs. 170.10 and a low of Rs. 146.80 per share on BSE.