When a stock does all the nice things on the chart as expected, then it becomes an interesting case study on how well it can do in the future. Unichem Labs is one such stock
Unichem Labs stock broke out on the weekly chart in September 2015
Unichem Labs stock in September 2015 broke out to NEW HIGH above a well defined resistance of 265-270. The stock post breakout rallied to 310-330 and now seems to be pulling back to retest 265-270 as support. For Technical followers, the pullback looks like an attractive opportunity
Bullish Daily Chart
Unichem Labs stock is in very strong uptrend in near term and pullback to 50 dma looks like a great support and entry opportunity. Whether stock will hold here or not only time will tell but charts now indicate strong support here.
Unichem Labs broke out last month and technically, stock is showing all signs of promising future. There is very strong support around 265 and 280 depending on what you pick. It is a good stock to follow. Having said all the above - any decline below 265 will raise questions and in market we are dealing with probabilities and not certainties.
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Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers