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HIL gives symmetrical triangle breakout

Vinayak Gangule
/ Categories: DSIJ Mindshare
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HIL gives symmetrical triangle breakout

The stock of HIL Limited has given a symmetrical triangle breakout on the daily timeframe. This breakout was confirmed by the above 50-day average volume. Additionally, the stock has formed a sizeable bullish candle on the breakout day, which adds strength to the breakout.

Currently, the stock is trading above its weekly pivot and also, above its short-term moving averages, i.e. 20-day EMA and 50-day EMA. The stock's relative strength index (RSI) has reached its highest value in the last 14-days, which is bullish. Besides, it has managed to close above 60 mark, after a span of almost four months. The daily MACD stays bullish as it is trading above its zero line and signal line.

Going ahead, the zone of Rs 1,000-Rs 1,010 is likely to act as an immediate hurdle for the stock as it is the confluence of 50 per cent Fibonacci retracement level of its prior downward move (Rs 1,488-Rs 518.30) and 100-day SMA. A follow-through move above this level would lead to an extension of the pull-back towards 200-day EMA level, which is currently placed at Rs 1,105 level. While on the downside, the stock has a strong support in the zone of Rs 830-Rs 810 level.

On Friday, the stock of HIL closed at Rs 925.70 per share, surged by 10.03 per cent. The stock opened at Rs 847.70 per share and hit an intraday high of Rs 966.35 and a low of Rs 844.95 per share on BSE.

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