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.
Today’s Stock Recommendation: June 12, 2024
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.)