Rashtriya Chemicals & Fertilizers Ltd. (RCF) is Poised for a Breakout: Watch These Key Levels!
RCF stock is showing promising technical setups as it consolidates near critical resistance. With strong price action and a trendline acting as support, the stage may be set for an upward breakout.
Key Levels and Setup
Support Trendline: The stock has consistently respected an upward trendline starting from ₹155. This serves as a strong base for further price action.
Immediate Resistance: ₹183-188 is the immediate level to watch. A breakout above this zone could trigger significant bullish momentum.
Upside Targets:
Target 1: ₹205
Target 2: ₹240
Stop-loss: To manage risk, a stop-loss can be placed below ₹175 (near the base of recent consolidation).
Trading Plan
Breakout Confirmation: Look for a daily close above ₹188 with volume to confirm the breakout.
Retest Entry: If the stock retests ₹188 as support, it could be an ideal entry point for a low-risk trade.
Volume and Momentum
Watch for an increase in trading volume as the stock approaches ₹188. High volume during the breakout will strengthen the bullish case.
️ This is not financial advice. Always perform your own analysis before entering any trade.
Do you think RCF will reach ₹240? Share your thoughts below!
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