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Despite some weakness in the Indian markets, the share price of Everest Kanto Cylinder Ltd (NS:) is on a roll. The company is in the business of manufacturing high-pressure gas cylinders and has a market capitalization of INR 1,352 crore.
The stock had been trading more or less sideways for more than two months. This movement was slightly tilted towards the south as the stock had been forming a lower high formation with every successive peak lower than the preceding one.
Image Description: Daily chart of Everest Kanto Cylinder with volume bars at the bottom
Image Source: Investing.com
Today, it jumped over 12% to INR 139 as investors jumped in to buy the stock, leading it to surge past the falling trendline resistance on the daily chart. This trendline has been formed by joining the lower peaks formed in the last couple of months.
This breakout is backed by a massive volume of 9.01 million shares so far, which is the highest daily figure since April 2023. Not just that, it’s also 2,504% higher than the 10-day average volume of 346K shares.
Now, as the trend has again resumed on the upside, bulls might be eyeing for the next target of INR 168 which isn’t a big task. However, after such a strong move, it is normal for the stock to take a breather or even retrace to some extent. That is where left-out traders might want to participate in the rally.
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