Marketik

strong bullish breakout from its long-term downward channel

Long
NSE:AVADHSUGAR   AVADH SUGAR ENERGY
✅The stock has been in a downward-sloping channel since October 2022, forming lower highs and lower lows. Recently, the price has broken above the upper boundary of this channel, indicating a potential reversal in trend.

✅There is an increase in volume, especially during the breakout above the upper boundary of the channel. This indicates strong buying interest and supports the potential trend reversal.

✅RSI near upper band and ready to give breakout & MACD histogram shows increasing bullish momentum, with the MACD line crossing above the signal line.

✅The breakout above the downward-sloping channel suggests the end of the long-term downtrend and the start of a new bullish phase.

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