This stock which has gained over 200% meets Mark Minervini's Trend Template.

The stock of Gujarat Fluorochemicals Limited has formed Doji candle as on the weekend of August 06, 2021.
by 5paisa Research Team 01/10/2021

On a YTD basis, the stock of Gujarat Fluorochemicals Limited has surged by 243%. Currently, the stock has given a consolidation breakout on the weekly chart.

The stock of Gujarat Fluorochemicals Limited has formed Doji candle as on the weekend of August 06, 2021, and thereafter slid into the period of consolidation. In the current week, the stock has given 7-weeks consolidation breakout along with above 50-weeks average volume. On Friday, the stock has marked a fresh all-time high.

Currently, the stock is meeting the criteria of Mark Minervini's Trend Template. The current market price of the stock is above the 150-day (30-week) and the 200-day (40-week) moving averages. The 150-day moving average is above the 200-day moving average. Since the last 287 trading sessions, the stock is trading above its 200-day moving average.

The 50-day (10-week) moving average is also above both 150-day and 200-day moving averages. The current stock price is above the 50-day moving average. Also, the current stock price is 341% above its 52-week low and the current price is closer to the 52-week high.

In the current week, the stock has outperformed the frontline indices. Also, it has relatively outshined the Nifty 500 with a decent margin. The Relative strength comparison with Nifty 50 and Nifty 500 has marked the higher high.

All the major indicators suggest a bullish momentum in the stock. The weekly RSI is in the super bullish zone. Interestingly, it has given bullish crossover in the super bullish zone. The MACD is above the zero line and the signal line.

The directional movement index is also at a strong point. The ADX is at 34.10 and +DI is above the –DI on the daily time frame. On the weekly time frame, ADX is above 60 and +DI is above the –DI.Generally, above 25 levels considered as the strong trend. In both time frames, the stock is meeting the criteria.

Talking purely about the trading levels, the zone of Rs 2140-Rs 2160 is a crucial resistance for stocks and the level of Rs 1640-Rs 1630 will act as crucial support for the stock.

Categories