#CastrolIndia – Strong Breakout, Eyeing Higher Levels! 🚀🔥
Technical Analysis:
✅ Breakout Above 200 SMA: The stock has successfully broken above the 200 SMA, confirming a trend reversal.
✅ Strong Volume: The recent rally is backed by high volume, signaling strong buying interest.
✅ Relative Strength (RS) Positive: Castrol India is outperforming the broader market, a sign of strength.
✅ EMA Alignment Bullish: Short-term EMAs are sloping up, confirming momentum.
Key Levels to Watch:
🔴 Resistance Zone: Trading near supply at 245-260, a strong breakout above this could fuel the next leg up.
🟢 Support Zone: The recent breakout level around 210-220 can act as a retest zone if a pullback occurs.
Trade Plan:
✅ Bullish Case: Holding above 240-245 could trigger a move towards 260-270+.
⚠️ Watch for Retest: If the stock pulls back, the 220-230 gap zone should act as a strong demand area.
🚨 Risk Management: A break below 210 would weaken the bullish structure.
So, while the gap-up is bullish, we need to see if it sustains or fills before confirming further upside.
What’s your view? Are you expecting a continuation or a pullback? 🚀
Technical Analysis:
✅ Breakout Above 200 SMA: The stock has successfully broken above the 200 SMA, confirming a trend reversal.
✅ Strong Volume: The recent rally is backed by high volume, signaling strong buying interest.
✅ Relative Strength (RS) Positive: Castrol India is outperforming the broader market, a sign of strength.
✅ EMA Alignment Bullish: Short-term EMAs are sloping up, confirming momentum.
Key Levels to Watch:
🔴 Resistance Zone: Trading near supply at 245-260, a strong breakout above this could fuel the next leg up.
🟢 Support Zone: The recent breakout level around 210-220 can act as a retest zone if a pullback occurs.
Trade Plan:
✅ Bullish Case: Holding above 240-245 could trigger a move towards 260-270+.
⚠️ Watch for Retest: If the stock pulls back, the 220-230 gap zone should act as a strong demand area.
🚨 Risk Management: A break below 210 would weaken the bullish structure.
So, while the gap-up is bullish, we need to see if it sustains or fills before confirming further upside.
What’s your view? Are you expecting a continuation or a pullback? 🚀
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.
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.