RHI Magnesita India is the leading supplier of high-grade refractory products, systems and solutions which are indispensable for industrial high-temperature processes exceeding 1,200°C in a wide range of industries, including steel, cement, non-ferrous metals and glass.
follow for more intraday analysis on wsup 8459 2202 02
AFTER bottoming out at 600 odd level as was suggested to book profit at 880 level previously and buy near to 600 level. Now RHIM trg are 813 and 940 once near to 940 we will decide about next level.
Bullish in this stock.
Breaking the barrier since Feb 2023,
Breakout candle with good volume
VCP is sure
keep or radar.
Momentum can be for 1 or 2 month.
Later can be tracked on Weekly chart
Levels Marked with R is the Resistace, T are the Targets and S are the support for the stock, Volume based buying with breakout seen on the 11/8.
The Post is for educational and learning purposes.
NSE:RHIM is forming a rounding bottom and is near its resistance line. Watchout for the breakout of same. Long positions can be taken only after closing of candle above Neckline.
hi @JainArpan
Approx. 750% in 3 years ,and since inception of this company it gave almost 4400% + results what is there for me to tell you . just some resistance only I can see and congratulation that you found Such companies.
I don't know that TA by which I can find such companies .
All the best.
Gratify if you appreciate the practice then you can like it,...
after 5 wave ended at 880 level and advised everyone to sell and buy IFGL AT 220-250 Level. In RHIM we are heading toward 580 level and end of C wave their . can buy once it touches 580 level approx
as per elliot wave on monthly chart we are heading towards 540 level. Macd is about to give sell signal. Stocastic divergence has already generated sell signal.
Hourly chart suggest sell as MACD is in OVERBOUGHT zone and slow and fast moving averages cross over. RSI is also comming down from 90 level .As 5th wave got completed at 835 level and volume at that level was very high suggesting down loading by bulls lively to correct till 710 level.
RHIM has given a breakout on the daily charts breaching the trendline levels of Rs 751 and 52 week high of 739.
Made all time high
Stronger volumes are also visible
However on the 5 minute charts the stock has shown profit booking in last 0.5 hours but has taken support at crucial level of 780.
Looks very attractive. Should be kept in your portfolio as long as the long term growth story is intact.
Stock is in a Ascending channel (Rising Channel).
stock could touch the upper median and may face resitance which is a good 30% from current levels.
The company recently acquired 2 companies which aim to add more profits.
Overall a good bet.
CONS:
The stock...
Ascending channel continuation in RHIM..
Above 726 need to sustain for more bulls
Follow strict risk reward and stop loss if follow chart level
Thanks,
V Trade Point
*RHI MAGNESITA INDIA LTD*
Time Frame: Daily
Observation:
* Life Time High Break
* Breakout on Supply Level.
Resistance/Target: 765 840 916 965
Support: 641 566
