as we look into the chart, we can clearly see that stock is able to move above its long term resistance level near to 45-50 range.
recently we can observe that price is taking support and bouncing from trendline level.
pattern to look is “ASCENDING TRIANGLE” on chart now, which able to touch the resistance level in last session.
RSI also able to take support on trendline, but if we look at the recent development, we can notice that rsi shown some weakness no chart but price still not weak, and able to come near recent high so its a development of ” BULLISH POSITIVE DIVERGENCE” on chart.
so if price able to break a recent high on chart then price have capability to drag the rsi again in overbought zone which now at 62-63 range, and this development can bring the good momentum in stock in upcoming sessions.
so overall indication is buy PHILIPCARBON above 62 level with 45 as sl target 80-100-120 in coming days. need close above 62 for good momentum to continue.