Charting the Climb – CRAFTSMAN on Track for a Trendline Takeoff
Hello traders! Hope you're all doing great.
I'm closely watching Craftsman Automation Ltd (
CRAFTSMAN ) on the 3-hour chart, where a strong technical confluence is shaping up — combining channel support, Fibonacci retracement, and a bullish bounce.
Recent Technical Highlights:
1. The stock has respected a well-formed ascending channel, with clean reactions to both upper and lower trendlines.
2. After a pullback from the recent high of ₹5,842, the price retraced to the 50% Fibonacci level (₹5,108.50) drawn from the swing low at ₹4,419.90 to the swing high at ₹5,842.30.
3. This level also aligns with the lower channel support and horizontal demand zone (Around ₹5150 - ₹5,250) — forming a triple confluence support.
4. The stock has now bounced from this zone and looks ready for a possible move back toward the channel high.
Setup Summary:
Entry Zone: ₹5,450 (Around current levels)
Stop Loss: Below ₹5,057 (closing basis)
Target: ₹6,278+ (channel top projection)
Disclaimer:
This is a personal analysis and not financial advice. Please do your own research and trade responsibly. Risk management is key.
Thanks for reading!
Let me know your thoughts or if you're tracking this setup too.
Best regards,
Anantesh
I'm closely watching Craftsman Automation Ltd (
CRAFTSMAN ) on the 3-hour chart, where a strong technical confluence is shaping up — combining channel support, Fibonacci retracement, and a bullish bounce.Recent Technical Highlights:
1. The stock has respected a well-formed ascending channel, with clean reactions to both upper and lower trendlines.
2. After a pullback from the recent high of ₹5,842, the price retraced to the 50% Fibonacci level (₹5,108.50) drawn from the swing low at ₹4,419.90 to the swing high at ₹5,842.30.
3. This level also aligns with the lower channel support and horizontal demand zone (Around ₹5150 - ₹5,250) — forming a triple confluence support.
4. The stock has now bounced from this zone and looks ready for a possible move back toward the channel high.
Setup Summary:
Entry Zone: ₹5,450 (Around current levels)
Stop Loss: Below ₹5,057 (closing basis)
Target: ₹6,278+ (channel top projection)
Disclaimer:
This is a personal analysis and not financial advice. Please do your own research and trade responsibly. Risk management is key.
Thanks for reading!
Let me know your thoughts or if you're tracking this setup too.
Best regards,
Anantesh
Trade active
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.