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The stock of Crompton Greaves Consumer Electricals has gained 4.5 per cent, accompanied by above average volume in today's session, breaking above a key resistance level of ₹224.
Following a steep fall in early March, the stock recorded a 52-week low at ₹177 in late March. It formed a key base in the band between ₹180 and ₹190 in late March. Subsequently, it reversed direction, triggered by positive divergence in the daily relative strength index and the price rate of change indicator.
Over the past one month, it has been trending upwards. While trending up, the stock breached its 21-day moving average in early April and has continued to hover above this moving average. The daily as well as the weekly RSI are charting higher in the neutral region. Further, the daily price rate of change indicator is hovering in positive terrain, implying buying interest.
The short-term outlook for the stock is bullish. It can continue to trend upwards and reach the price targets of ₹238 and ₹240 in the approaching trading sessions. Traders can buy the stock with a deep stop-loss at ₹222 levels.
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