Buy Orchid Chemical for target of Rs 360: Aditya Birla Money
Orchid Chemical is standing right at important support formed through the convergence of rising channel inside band, 21 Day Exponential Moving Average and Fibonacci Confluence Zone.
By ET Bureau |
MUMBAI: According to Aditya Birla Money the charts of Orchid Chemicals look bullish. It has advised traders to buy the stock for target of Rs 360.
“Orchid Chemical is standing right at important support formed through the convergence of rising channel inside
band, 21 Day Exponential Moving Average and Fibonacci Confluence Zone.
On daily chart RSI has formed a MDRP+ formation with price at important support zone and its derivative too has formed a positive divergence with RSI, both exhibiting positive characteristic.
Also the Daily MACD (DEMA smoothed) at it respective zero line has given a positive crossover, which again augur well for the bulls.
We suggest buying Orchid above Rs 314 with a stop-loss of Rs 293 for a target of Rs 360,” the report said.
“Orchid Chemical is standing right at important support formed through the convergence of rising channel inside
band, 21 Day Exponential Moving Average and Fibonacci Confluence Zone.
On daily chart RSI has formed a MDRP+ formation with price at important support zone and its derivative too has formed a positive divergence with RSI, both exhibiting positive characteristic.
Also the Daily MACD (DEMA smoothed) at it respective zero line has given a positive crossover, which again augur well for the bulls.
We suggest buying Orchid above Rs 314 with a stop-loss of Rs 293 for a target of Rs 360,” the report said.
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