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The stock of Camlin Fine Sciences gained 4 per cent accompanied with above average volume, breaching a key resistance at ₹90 on Thursday. This rally gives traders with a short-term perspective an opportunity to buy the stock at current levels.
After a short-term downtrend, the stock found support at around ₹81 in early June this year. The stock once again took support at ₹80 in late June and bounced up. Since late May, the stock has been in a sideways consolidation phase in the range between ₹80 and ₹90 with an upward bias. Moreover, the recent rally has breached a key resistance at ₹90 as well as its 21-day moving average decisively.
The daily relative strength index is moving higher in the neutral region and is likely to enter the bullish zone. Further, the daily price rate of change indicator hover in the positive territory implying buying interest.
The short-term outlook is bullish of the stock of Camlin Fine Sciences. Targets are ₹96 and ₹98. Traders can buy the stock with a stop-loss at ₹90.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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