SRF Limited is an Indian multi-business chemicals conglomerate engaged in the manufacturing of industrial and specialty intermediates. The company’s business portfolio covers fluorochemicals, specialty chemicals, packaging films, technical textiles, coated and laminated fabrics. The stock is traded on NSE & BSE under the ticker SRF.
After a parabolic move from 2019-2021, price has been in a well-defined consolidation. Price chart formed a 4 year-long rectangle with the horizontal boundary acting as strong resistance at 2700 levels. The horizontal upper and lower boundaries were tested multiple times over the course of the pattern. This week's close above 2700 levels after a pullback to the upper boundary confirmed the breakout from the 4 year-long rectangle and can be expected to offer directional movement.
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