Chart Check: This multibagger stock could hit fresh record highs post breakout; time to buy?

The stock price rose more than 6000% in the last 3 years, but it did witness some consolidation in the last 12 months. The stock hit a record high of Rs 921 on 29th April 2022, but it failed to hold on to the momentum.

The stock bounced back after hitting a low of Rs 528 on 10th February. It rose more than 20% in a month, which also triggered a breakout from a falling trendline on the weekly charts.

The breakout from the trendline on the upside on the weekly charts has opened room for the stock to head towards Rs 1100-1500 levels in the next 6 months, suggest experts.

The Supertrend indicator also triggered a buy signal in April 2023 which augers well for the bulls. The stock is inching towards overbought levels; hence, some consolidation could be on the cards.

The Relative Strength Index (RSI) is placed at 69.7. RSI below 30 is considered oversold and above 70 is considered overbought, Trendlyne data showed. MACD is above its center and signal Line, this is a bullish indicator.

ETMarkets.com

Xpro India stock price started its up move from 12.65 (Oct 2020) to 1114 (March 22), making a series of Higher Tops & Higher Bottoms, supported by volumes.

“During the move, the stock continuously traded above averages. Thereafter, the Xpro India stock corrected, made a low of 537.50 March 23 took the support of averages & bounced back for further continuation move,” Bharat Gala, President – Technical Research, Ventura Securities Ltd., said.

“Last week, the stock gave a pattern breakout making a high of 826 which is above previous 2 swing highs, aptly supported by volumes. The Aroon Up/Dwn, Demand Index & William % R Indicators indicate buying strength in the stock,” he said

“The possible targets are Rs 1100-1300-1500. If the stock price corrects downwards the buy levels are (Rs 755-710)-Rs 677-(Rs 642-610). A stop loss to be observed in the trade is Rs 600 on a closing basis,” recommends Gala.

(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of Economic Times)