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The stock of Allcargo Logistics zoomed almost 6 per cent with extra-ordinary volume on Wednesday, conclusively breaking a key resistance level of ₹185. Following a medium-term sideways movement between ₹160 and ₹185, the stock appears to have resumed its long-term with the recent gains. Moreover, the stock’s recent rally has emphatically breached its 200-day moving average and trades well above it.
The daily and weekly relative strength indices which have entered the bullish zone from the neutral region adds strength to the uptrend. Further, buying interest is evident on the charts as the daily and weekly price rate of change indicators are hovering in the positive territory. The short-term outlook is bullish for the stock after the recent break out of a key long-term resistance and the upper boundary at ₹185. Traders with a short-term perspective can buy the stock with a stop-loss at ₹186.5. The stock can extend its uptrend and reach the price targets of ₹198.5 and ₹203 in the coming days.
(Note: The recommendations are based on technical analysis.
There is a risk of loss in trading.)
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