Royal Orchid Hotel became the top trending stock in the last futures session – top trending stock royal orchid hotel ltd
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The company’s revenue was mainly contributed by room tariff (56%) followed by food and beverage (35%), hotel management and consultancy services (6%) and other services (4%).
Since September 2022, this company stock has made lower highs and similar lows supported by 200DMA on the daily chart on Dalal Street at Rs. 318 and Rs. Dealing in the range of 207. The stock bounced back from the same support zone yesterday, jumping more than 7% with trading volume above its 30-day moving average. On Wednesday too, the stock continued the previous day’s uptrend of more than 11% and registered a large gain above the 100-day moving average.
With this action, a breakout from the consolidation pattern was noted on the daily chart. Further trading in the stock confirms the breakout’s persistence and could witness follow-up buying in the coming session. A close at the high of the day will form a bullish Marubozu candle at the daily level. The 14-day period RSI (60) is also near its previous multiple highs on the daily chart. A close at these highs would confirm further upside.
Technical breakout investors and long-term investors looking to enter the hotel and restaurant sector should track this stock.
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