Meghmani Organics stock had a well defined resistance at 26.5-27. The stock broke out above it with large candle on April 11 2016.
Meghmani Organics has broken out above 27 recently. On Wednesday - stock pulled back to retest 27 as support. Ideally - stock should hold current levels before any take off.
The stock then pulled back to retest 26.5-27 as support on April 18 2016 and then the stock rallied. Here's the outcome after 23 calendar days -
The stock is up 39% in no time. That's how a perfect text book breakouts work out
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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