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The stock of Prism Johnson gained 3.5 per cent with good volume on Wednesday, reversing higher from the key support level of ₹140. Investors with a short-term horizon can buy the stock at current levels. Since the stock took support at around ₹30 in May 2020, it has been in a long-term uptrend. Medium as well as short-term trends are also up.
In February this year, the stock had conclusively breached a key long-term hurdle at ₹100 and continued to trend upwards.
After a minor corrective decline in June the stock found support at ₹125 and resumed the uptrend. Since then, it has been in a short-term uptrend. The stock trades well above the 21- and 50-day moving averages. There has been an increase in weekly volume over the past three weeks.
The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI continues to feature in the bullish zone. Further, the daily and the weekly price rate of change indicators are hovering in positive terrain, indicating buying interest. The stock can reach the short-term price targets of ₹151 and ₹154 in the ensuing trading sessions. Traders can buy the stock with a stop-loss at ₹141.5 .
Note: The recommendations are based on technical analysis. There is risk of loss in trading.
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