Brekout Above 52 Week High In Morepen Lab-- Educational Purpose
BREKOUT ABOVE 52 WEEK HIGH IN MOREPEN LAB-- EDUCATIONAL PURPOSE
Morepen Laboratories Ltd is engaged in the business of manufacturing, producing, developing and marketing a wide range of Active Pharmaceutical Ingredients (APIs), branded and generic formulations and also the Home Health products.
Stock made high 100.47 in Sept 2024 and corrected after that, made low of 33.05 in March 2026 which is -67% correction in one and half year. Stock took turnaround from that low by making double bottom formation and it successfully crossed previous high formed in Sept 2024 last week. This week also stock closed decisively above previous week high and closed at 106.20
Also increase in the volume is noted since last 10-12 weeks which adds strength to the breakout.
Long position can be initiated at retest level 89-90
TARGET : 235 (164%)V(FIBO)
STOP LOSS : 72.50 ON WEEKLY CLOSING BASIS (-18.5%)
RR RATIO : 1:8.8
TIME HORIZON : 7 YEARS (TILL 2033)
ONLY FOR INVESTMENT PURSPECTIVE, NOT FOR SHORT TERM TRADING
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