Technical Pick of the Week #7 - Clean Science
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Aman Baheti
Price Action Analysis:
The stock has taken support at the 1250-1300 zone. A triple bottom pattern has been formed in the weekly timeframe which indicates a bullish reversal in the medium term.
Moving Average:
The stock is trading below the 50 EMA for the past 3 months. Following a contrary approach, we anticipate the stock breaking out over the 50 EMA levels in the next 3 months.
Bollinger Bands:
The stock sits at the middle band of the Bollinger. The current band is at 1360-1288 zone. A bullish momentum can be seen once the 1360 level is broken with volume on account of low volatility trading.
Mool’s Outlook:
We anticipate a target of INR 1520 in the stock in the next 6-8 months, which reflects a 16% upside in the stock.
Stop Loss should be maintained at INR 1275
Incorporated in 2003, Clean Science and Technology Ltd is one of the leading chemical manufacturers globally. It manufactures functionally critical specialty chemicals such as Performance Chemicals, Pharmaceutical Intermediates and FMCG Chemicals.
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