The momentum indicator RSI for Aarti Industries' stock has reversed from its oversold territory
The stock has provided a fresh breakout from its downward sloping trend line. It has also formed a strong base and consistently taking the support of its 200-DMA which is placed at 970 levels. The momentum indicator RSI has reversed from its oversold territory and MACD has provided a buy crossover on the daily scale which hints of positive momentum in the counter. So, based on the above rationale, we can expect the stock to test 1050 levels and one should keep a stop loss at its 200-DMA which is placed at 970.
The stock has provided a fresh breakout from its double bottom formation with a higher than average volume on the daily chart. It also surpassed its short term 21-DMA and long term 200-DMA which indicates strength in the counter. A fresh buy crossover can be seen in MACD on the daily chart whereas RSI is making a higher top and higher bottom formation.
The stock is on the verge of a major breakout from a symmetrical triangle formation on the daily chart. The breakout is placed at 196 levels and above that, we can expect the conservative target of around 206. It also surpassed its short term 21-DMA and long term 200-DMA which indicates strength in the counter. A fresh buy crossover can be seen in MACD on the daily chart whereas RSI is also moving higher from its oversold territory.
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