📊 Script: SUMICHEM (SUMITOMO CHEMICAL INDIA LIMITED)
📊 Nifty50 Stock: NO
📊 Sectoral Index: NIFTY 500 / NIFTY MIDCAP
📊 Sector: Chemicals
📊 Industry: Fertilizers & Agrochemicals
Key highlights: 💡⚡
⚠️ Keep an eye on SUMICHEM .
⚠️ It is near at its resistance zone which is around 500.
⚠️ Script is going to give double breakout which is trendline breakout and...
The stock has broken out and retested, therefore may undergo a reversal rally. Trade is supported by Supports Nearby.
Risk Reward Ratio - 2:1
SL is placed below the support zone & the lower trendline. The target is placed near resistance.
Sumitomo chemical is very good company of Agrochemical industries and now it's trading in range with trendline resistance when it's break trendline resistance and close above 421 in 30min chart frame we can go for long as a swing trade for the target of 434 and 458.
Entry: 30min candle close above 421
SL: 391
TGT: 434/458
This is just for knowledge purpose only...
Stock has broken out from the upward channel and crossed all time high giving 2 simultaneous breakouts with great volumes.
One should wait for this share to settle above the broken resistance level of 328.5 to initiate long if price sustains.
