Uttam Sugar Mills Share Price Target Technical Analysis to Buy or Sell

Uttam Sugar Mills Ltd. has broken up from an approximate horizontal trend channel in the medium long term after investors have paid ever more. A positive signal has been triggered and further increase for the stock is indicated. The stock has also broken a rectangle formation. A decisive break of the resistance at 321 will signal a further rise to 443 or more. There is no resistance in the price chart and further rise is indicated. In case of a negative reaction, the stock has support at approximately 308 rupee. Volume tops and volume bottoms correspond well with tops and bottoms in the price. Volume balance is also positive, which strengthens the trend break. RSI above 70 shows that the stock has strong positive momentum in the short term. Investors have steadily paid more to buy the stock, which indicates increasing optimism and that the price will continue to rise. The RSI curve shows a rising trend, which could be an early signal of the start of a rising trend for the price as well. The stock is overall assessed as technically positive for the medium long term.