Alembic Ltd appears to be forming a classic inverted flag pattern on the daily chart:
Bearish Flagpole: A strong and sharp downward move from ~₹148 to ₹88 established the flagpole.
Bullish Flag (Retracement Channel): Since March, the price has been moving in a parallel rising channel — a typical retracement phase.
The price is currently near the lower trendline of the flag, suggesting a potential entry point for a breakout trade.
Support zone : Around ₹100–₹101 near the lower channel boundary.
Target: ₹113–₹115 (upper boundary of the flag channel).
Stop-Loss: Below the lower trendline of the flag (~₹96), or tighter based on risk preference.
Bias:
Neutral to slightly bullish in the short term as long as price stays within the flag.
Watch for a volume-supported breakout above recent swing highs (~₹105) to confirm momentum toward the target.
Bearish Flagpole: A strong and sharp downward move from ~₹148 to ₹88 established the flagpole.
Bullish Flag (Retracement Channel): Since March, the price has been moving in a parallel rising channel — a typical retracement phase.
The price is currently near the lower trendline of the flag, suggesting a potential entry point for a breakout trade.
Support zone : Around ₹100–₹101 near the lower channel boundary.
Target: ₹113–₹115 (upper boundary of the flag channel).
Stop-Loss: Below the lower trendline of the flag (~₹96), or tighter based on risk preference.
Bias:
Neutral to slightly bullish in the short term as long as price stays within the flag.
Watch for a volume-supported breakout above recent swing highs (~₹105) to confirm momentum toward the target.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.