Can CHCC Break Out of Consolidation Box and Rally Further?

Cherat Cement (CHCC) is at a key resistance level, where the price previously formed a double top pattern. After that, the stock has been in a long consolidation with 320 being the resistance level. Currently, the price is in a bullish trend, forming higher highs and higher lows, hence a breakout is possible.

Volumes have been average, with the last few sessions being above the 20 MA, and RSI is in upward momentum. The board meeting is on the 21st, and a good result can act as the trigger for a further rally. Hence, it could be a good stock to watch.

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⚠️ This post reflects the author’s personal opinion and is for informational purposes only. It does not constitute financial advice. Investing involves risk and should be done independently. Read full disclaimer →