Manali Petro cmp 95. Along with all other chemical stocks this too went down after posting an all time high of 149 in April 2022 and went down to post a low of 56 twice in March 2023 and March 2024. It formed a double bottom at 56 and a confirmation of double bottom breakout was made on breakout and trading above 87. If double bottom plays out, then target can be 118.
Coming to daily chart, there is an inverted head and shoulders marked on right side of chart. A small flag breakout is marked on right side of chart which has happened after double bottom breakout. Another small point to note is a gap down area between 93 to 86 posted in Nov 2022 and which has as of now been negotiated with stock price crossing the gap down area.
Some chemical sector stocks are offering tradeable set ups. Whether this is a resumption of uptrend previously seen, or just a counter trend rally needs to be seen.
Company has applied for Anti dumping duty to govt for one of its products and if govt approves it, it can be a big trigger.
disc: invested as a trading bet. (not a recommendation, please do your own diligence if investment is considered.) Shared because the chart contains multiple technical patterns within same chart.
