Turnaround In Commercial Engineering and Bodybuilders Co Ltd

Commercial Engineering and Bodybuilding have been dormant for many years.

Since 2013 it has been moving in a range of 8 to 30.

This stock has been a long consolidation phase for any stock.

Recently the stock has witnessed an interesting activity at the current phase.

The buying volumes have been very high in this phase.

A few weeks back the high volumes have been generated in this stock. This is the indication of some type of accumulation in this stock.

This week it has moved above the resistance of 18.10 with high volumes. This is the evidence of the breakout of the resistance.

OBV showing the positive momentum that is the sign of accumulation.

MACD has the bullish crossover and moving into the positive zone. This is the sign of strength in the momentum in the price.

200EMA has been crossed and sustaining above it. This week price took support at the moving average and ran away.

The initial hurdle for this stock comes around 30. But It has the potential to break above this level and continue its uptrend for next year also.