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The upmove in Supreme Petrochem is gaining momentum. The stock has surged over 5 per cent on Tuesday and closed on a strong note.
This rise has taken the share price well above the intermediate resistance level of ₹725.
The recent rise is also happening from around the 100-day moving average support. This indicates that the broader uptrend is intact.
Moving average cross overs on the daily chart also strengthens the bullish case.
Supreme Petrochem share price can rise to ₹830 in the coming weeks. Traders can go long now around ₹747. Accumulate on dips at ₹728.
Keep the stop-loss at ₹708 initially. Trail the stop-loss up to ₹755 as soon as the stock moves up to ₹775. Move the stop-loss further up to ₹795 when the price touches ₹810. Exit the longs at ₹825.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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