RATNAMANI gives symmetrical triangle breakout

Ratnamani Metals & Tubes Limited has given a Symmetrical Triangle pattern breakout on the weekly scale. This breakout gets confirmed by the above 50-week average volumes. With this triangle breakout, the weekly ADX, which shows the strength of the trend, turned upside and moved above the –DI.

The major trend of the stock is bullish, as it is trading above its weekly pivot and over its long-short term moving averages, that is, 20-week, 50-week, 100-week, and 200-week EMAs. Also, these moving averages are exactly in an ascending order, suggesting that the trend is strong. The leading indicator, 14-period weekly RSI, is currently quoting at 70.70 and has moved above its recent swing high, which is bullish. The weekly and daily MACD stays bullish, as it is trading above its zero line and signal line. The histogram is suggesting a pickup in momentum. Moreover, the other volume-based indicators, such as OBV and Money Flow index, are also very strong.

Going ahead, the stock has strong support in the zone of Rs 980-970, while on the higher side, the major resistance is placed in the zone of Rs. 1,120-1,125.

On Friday, the stock of Ratnamani Metals & Tubes closed at Rs 1,062.45 per share, registering a surge by 2.79 per cent. The stock opened at Rs 1,035 per share and hit an intraday high of Rs 1,067.95 and a low of Rs 1,032 per share on BSE.