Neogen Chemicals hits record high after breakout

Neogen Chemicals Limited shares hit a fresh all-time high of Rs 2,785 after an ascending triangle breakout. Rs 2,500 is now support. Neogen Chemicals Limited [

] shares extended their gains for the third straight session and hit a fresh all-time high of Rs 2,785 in morning trade. The move came after a breakout from an ascending triangle on the daily chart. An ascending triangle forms when price makes higher lows against a flat resistance level. A breakout above that level is often read as a continuation of the uptrend, though a breakout can also fail if the price falls back inside the pattern. The Rs 2,500 zone, which was resistance earlier, has now turned into support. With the stock at an all-time high, there is no earlier resistance on the chart, so the higher levels are untouched territory. In my view, the trend is strongly bullish. The stock has moved out of its consolidation with three straight gains and a record high. A hold above Rs 2,500 would keep the breakout intact. A fall back below it would put the pattern at risk and bring lower levels into view. After a sharp run, the stock can pause or retest the breakout zone. Bullish view while price holds above Rs 2,500. Disclaimer: I do not hold any position in this. This content is for informational purposes only and is not a recommendation to buy or sell. Investments in securities are subject to market risks. Please read all related documents carefully before investing.