MOL - 30% UPSIDE POSSIBILITIES MOL is striking the major supply zone.
It may retest the prvious supply zone from the level of 110-112.
All targets mentioned over the chart
Keep your SL tight
MOL
[Positional Long] Meghmani Organics (MOL) BreakoutNSE:MOL has broken out after forming a nice long base. In terms of fundamentals, there doesn't seem to be any public news/reports but this week's volumes are highest ever and since it has broken out after a long slumber, it gives weightage to the view that stock might see significant upsides from here.
If this breakout sustains and price keeps above 200 DMA from current levels then next major resistance is around 142 which is a nice ~40% move from here. Difficult to say how long it might take though.
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TGT 646
SL 450
Return 30%
RR > 3
TF < 6M
Factors: BULLISH WEDGE BREAKOUT Trend Following Rising Volume with rising Prices. Flag pattern breakout. Pennant Pattern Breakout with Bullish Candle. Retest Successful. Higher Highs & Higher Lows. Broken above RESISTANCE levels Trading at SUPPORT levels Earnings are strong. Bullish Wedge Breakout Risk Return Ratio is healthy. And Rising from Double Bottom Pattern to Flag Pattern forming. If you like my work KINDLY LIKE SHARE & FOLLOW this page for free Stock Recommendations. With 💚 from Rachit Sethia
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TGT 740 +++
SL 600
TIMEFRAME <6M
RR > 3
Return >15% +++
Factors: BULLISH WEDGE BREAKOUT Trend Following Rising Volume with rising Prices. Flag pattern breakout. Pennant Pattern Breakout with Bullish Candle. Retest Successful. Higher Highs & Higher Lows. Broken above RESISTANCE levels Trading at SUPPORT levels Earnings are strong. Bullish Wedge Breakout Risk Return Ratio is healthy. And Rising from Double Bottom Pattern to Flag Pattern forming. If you like my work KINDLY LIKE SHARE & FOLLOW this page for free Stock Recommendations. With 💚 from Rachit Sethia
