Introduction

Garware Hi-Tech Films Ltd. is a holding company, which engages in the manufacture of polyester films. It operates through the following geographical segments: Within India, China, and Rest of the World. Its products include polyester film/BOPET, BOPP, thermal lamination, and coated label.

Observation

Stock breakout with huge Trading volume on day chart trade above all the ema Rsi is getting strong on all TF it can retrace till 2750 to 2850 for further upside which is mentioned on the chary. this stock is related with crude oil when crude fall plastic stocks will rise like star & vice versa 

Below is the detail 👇

How crude oil 🛢️ related to plastics Sector Stocks

1. Crude oil is refined to produce petrochemicals, such as ethylene glycol and terephthalic acid.

2. These petrochemicals are combined through a process called polycondensation to create polyethylene terephthalate (PET).

3. PET is a type of polyester, which can be extruded into thin films, known as polyester films.

4. Polyester films are used in various applications, including packaging, electronics, and imaging.

So, polyester films are a derivative of crude oil and are a type of plastic material. However, it's worth noting that not all plastics are made from crude oil; some are derived from natural resources like cellulose or bioplastics from renewable sources.

Let's touch fundamentals

Daily Chart

Inverted H&D

1. U.S. crude oil inventories dropped by 3.7 million barrels to 429.3 million barrels in the week ended Aug. 2, the U.S. Energy Information Administration said Wednesday in its This Week in Petroleum report.Crude oil production rose by 25,000 barrels per day (b/d) to 13.33 million b/d during the report week, the EIA reported.Crude oil imports fell by 134,000 b/d to 6.8 million b/d while crude oil exports decreased by 90,000 b/d to 4.2 million b/d, the agency said.Total U.S. gasoline stocks increased by 1.3 million barrels to 225.1 million barrels. Distillate inventories rose 1 million barrels to 127.8 million barrels, the EIA reported.

2. India's Tata Motors on Wednesday launched its Curvv electric sport utility vehicle (SUV), with prices starting at 1.75 million rupees ($20,848.22), and will launch an internal combustion engine (ICE) version next month

3. WTI crude oil futures fell to $74.80 per barrel on Thursday, following a 2.8% increase in the previous session, with investors concerned about potential retaliatory strikes by Iran against Israel in response to recent assassinations of Hamas and Hezbollah leaders. Despite these tensions, Iran’s president hinted at possible diplomatic efforts to de-escalate the situation during a call with France. Oil prices had recently rebounded after dropping to a seven-month low on Monday, partly due to disruptions in Libya’s largest oil field and a rare Ukrainian attack into Russia. Official US data revealed that crude stockpiles fell for the sixth consecutive week to their lowest since February, which might ease concerns about demand. However, there were increases in oil inventories at the key Cushing storage hub and in gasoline supplies.

Educational content

Fri Aug 9, 2024