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Hindustan Copper skyrocketed 56 per cent accompanied by extraordinary volume in the previous week. While trending higher, the stock emphatically broke through its key resistance at Rs 250 and also its 200-day moving average. Moreover, in the last week, the stock has conclusively penetrated its long-term down trend-line that was in place since its January 2010 peak of Rs 656. Strong move above Rs 300 will take the stock higher to Rs 350 or to Rs 400 in the medium-term.
Nevertheless, it currently faces resistance at Rs 300. The stock's daily indicators and oscillator have reached over brought levels, signalling that the stock can witness a corrective decline to Rs 270 or Rs 250 the near-term. Next support for the stock is at Rs 200.
RCF (Rs 65.5)
Rashtriya Chemicals and Fertilizers zoomed almost 42 per cent in the previous week, backed with heavy volume. The stock has been trending higher from its 52-week low of Rs 42 registered on December 20. However, it is facing significant long-term resistance in the band between Rs 70 and Rs 73. An emphatic jump above this resistance will alter the trend upwards and pave the way for the stock to rally to Rs 80 and to Rs 88 levels in the medium-term.
Inability to exceed the above mentioned resistance band will drag the stock down to Rs 61 and then to Rs 55. Next key support below Rs 55 is at Rs 50.
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