About the company:
Filatex India Ltd (NS: FLTX ) is among India's leading manufacturers of polyester filament yarn. With its foray into manufacturing in 1994 with monofilament yarn, today Filatex satisfies the emerging garment needs of millions and adds extra mileage to the nation's developing textile industry. The stock is trading very close to its all-time high/52-week high level. The 52-week range is Rs 125 – Rs 24.
One week time frame: (Chart 1)
On a weekly time frame, you can observe that Filatex stock has made an Ascending Triangle pattern. In the current week, the share has broken out of this pattern. Higher volumes accompany the upward movement. Relative Strength Index (or RSI) is above 65 and the Moving Average Convergence Divergence (or MACD) line has crossed the signal line from below. It indicates positive momentum on the scrip. Long-term investors can invest on a pullback close to Rs 115 level by maintaining a stop loss of Rs 84 on a weekly closing basis.
One day time frame: (Chart 2)
On a daily time frame, you should note that Filatex share made an Inverted Head and Shoulder pattern. On October 8, 2021, we witnessed a break out from this pattern as the scrip closed above an important neckline of Rs 115. Notice a follow-up to this move today, as well. Higher volumes support the upward movement in the stock. RSI is above 70 and the MACD line has crossed the signal line from below. It indicates positive momentum on the share. Positional traders should enter at the current level or can enter on a pullback as well. They should maintain the stop loss at Rs 99 on a daily closing basis.
We anticipate Filatex stock to keep a positive bias and head higher in the subsequent trading sessions. Short-term traders should take a position at the current level and keep a strict stop loss of Rs 114 on a daily closing basis.
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