Alkem Laboratories Limited has broken through the ceiling of a falling trend channel in the medium long term. This indicates a slower falling rate initially, or the start of a more horizontal development. The stock has broken a double bottom formation. A decisive break of the resistance at 5374 will signal a rise to 6107 or more. The stock has marginally broken up through resistance at rupee 5380. An established break predicts a further rise. Positive volume balance shows that volume is higher on days with rising prices than days with falling prices. This indicates increasing optimism among investors. The stock is overall assessed as technically positive for the medium long term.
