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The stock of Radico Khaitan advanced more than 7 per cent during Thursday’s trading session.

The stock of Radico Khaitan advanced more than 7 per cent during Thursday’s trading session. It is an Indian company that manufactures industrial alcohol, liquor, and fertilisers. Moreover, the stock had made an all-time high in the month of January 2022 and thereafter, entered into a slight downtrend move.  

The stock had witnessed a trendline breakout some time back. Meanwhile, on Thursday, it witnessed a pattern that resembles the Cup & Handles pattern breakout on the daily chart. Furthermore, the breakout was seen with a sizeable bullish candle, which was accompanied by above-average volumes.   

The 14-period RSI is rising and has crossed above its prior high. It has crossed above 54 and shows bullish momentum. The MACD line is trading above its signal line and zero line, which indicates a positive trend in the stock. Moreover, the MACD histogram is rising steadily and is above its prior high. The stock is trading near its long-term moving average i.e., 200-DMA, which might lead to a breakout in today’s trading session. This setup is indicating a clear uptrend in the stock.  

The short-term, as well as the mid-term trend of the stock, is extremely bullish. It is likely to continue its bullish rally for some more days. Meanwhile, the stock is down by 9.99 per cent on an MTD basis while on a YTD basis, it is enormously up by 60.74 per cent.  

The above technical evidence suggests that the stock is likely to continue its northward journey.