Chart Check: Descending triangle breakout makes Finolex Industries an attractive buy; target seen at Rs 230

Finolex Industries’ stock price rose by 14% in a month, hitting a fresh 52-week high in May, and chart patterns suggest that the rally may not be over yet. Traders can buy the stock for a target of Rs 230 in the next 1-2 months, according to experts. The momentum helped the stock hit key moving averages, the Relative Strength Index is placed at 67.7, and MACD is above its center and signal Line, all positive indicators for the bulls. The stock has been in an uptrend since October 2022, and it recently broke out from a Descending Triangle pattern with strong volumes.

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