This Rs 10,000 stock has soared 25% since its prior swing low; do you own it?
LAXMIMACH has jumped nearly 3% and is the top trending stock on Monday.
The stock of Lakshmi Machine Works Ltd is the top trending stock, having surged nearly 3% during the early Monday hours. It is undergoing extreme bullish as it has soared over 25% from its prior swing low of Rs 8227 in just 25 trading sessions. This rally has seen good volumes, which indicates active participation from the traders. Interestingly, it has formed a double bottom pattern on the technical chart, which is a sign of bullishness. This month, the stock is already up over 13% and above all its key moving averages indicators.
After hitting a fresh all-time high of Rs 11790 back in February, shares of Lakshmi Machine Works witnessed a correction of about 30%. However, it has picked up the pace and has already recovered nearly 61.8% retracement. As per the technical parameters, the stock possesses strong strength. The daily ADX (37.20) is in a strong uptrend, and +DMI is well above its -DMI. The MACD line has sustained above the zero line and signal line for the past many days, which adds to the positivity of the stock. The 14-period daily RSI (75.03) is above its prior swing high and demonstrates the super bullish strength of the stock. The Elder impulse system has charted continuously bullish bars on the weekly timeframe, while the TSI and KST indicators also show bullishness. The Relative Strength (RS) is positive and shows the outperformance of the stock against the broader market. From the above points, it is evident that the stock is having a strong bull run.
As per the pattern, the stock still has room for another 8-10% upside. It can even test 11800-level in the medium term. It provides a good opportunity for swing traders looking for good momentum. Track this stock by including it in your watchlist!
Lakshmi Machine Works Limited manufactures spinning machinery as well as CNC machines. It has a broad range of products that also include heavy castings machinery and forgings.
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