ARMANFIN - Showing Strength after Breakout above Key Resistance
ARMANFIN had been facing resistance near the 1780 zone for quite some time, and the recent breakout above this level has improved the overall market structure.
After the breakout, price witnessed a healthy pullback and is now again showing signs of strength near the breakout zone. This type of price action often indicates that buyers are still active and previous resistance may now start acting as support.
A few important observations from the chart:
• Breakout above the long-term 1780 resistance zone
• Price sustaining near the breakout area after pullback
• EMAs are aligned and trending upward
• Bullish structure with higher highs and higher lows
• Recent correction looks controlled rather than weak
The stock is currently consolidating near support instead of giving a sharp breakdown, which keeps the bullish momentum intact for now.
If price continues to sustain above the current zone and momentum returns, then there is probability of an upside move towards the nearest swing high levels.
Keep it in your watchlist.
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📌 For learning and educational purposes only, not a recommendation. Please consult your financial advisor before investing.
After the breakout, price witnessed a healthy pullback and is now again showing signs of strength near the breakout zone. This type of price action often indicates that buyers are still active and previous resistance may now start acting as support.
A few important observations from the chart:
• Breakout above the long-term 1780 resistance zone
• Price sustaining near the breakout area after pullback
• EMAs are aligned and trending upward
• Bullish structure with higher highs and higher lows
• Recent correction looks controlled rather than weak
The stock is currently consolidating near support instead of giving a sharp breakdown, which keeps the bullish momentum intact for now.
If price continues to sustain above the current zone and momentum returns, then there is probability of an upside move towards the nearest swing high levels.
Keep it in your watchlist.
✅ If you like my analysis, please follow me here as a token of appreciation :)
in.tradingview.com/u/SatpalS/
📌 For learning and educational purposes only, not a recommendation. Please consult your financial advisor before investing.
Trade closed manually
Trade didn't work, after giving a 5% upside move price pulled back quickly.
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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.