About the company:
Sandur Manganese and Iron Ores Ltd (BO: SUMG ) (or SMIORE) is involved in the mining of low phosphorous manganese and iron ore in the Hospet-Ballari region of Karnataka. It is the flagship company of the Sandur group which was promoted by the former ruler of the princely state of Sandur. The company is the fifth-largest iron ore miner in Karnataka and the largest private miner of manganese ore in India. The stock is trading very close to its all-time / 52-week high level. The 52-week high and low range is Rs 2,575 – Rs 895.
Technical observations:
One week time frame: (Chart 1)
On a weekly time frame, from the chart below, you should note that the scrip has broken out of an Ascending Triangle pattern. Also, note that the stock touched its all-time high in the current week’s move. The upward move is supported by heavy volumes. Relative Strength Index (or RSI) is close to 70 and the Moving Average Convergence Divergence (or MACD) line has crossed the signal line from below. It indicates positive momentum on the stock. Positional traders can enter at the current level or they may wait for a pullback to a support level of Rs 2,250 and then enter. Stop-loss should be maintained at Rs 1,642 on a weekly closing basis.
One day time frame: (Chart 2)
On a daily time frame, we can see that the stock has broken out of a Rounding Bottom formation as soon as it crossed the resistance range of Rs 2,215 and Rs 2,300. The break-out was supported by heavy volumes. RSI...
Read Full Story: https://in.investing.com/analysis/sandur-manganese-why-it-should-top-your-trade-list-200506635
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