This chart presents a technical study of Delta Corp Ltd. focusing on the historical price behavior around a strong support zone near ₹78 and the potential for a rebound toward the long-term descending trendline.
🔍 Overview :
Support Zone Identification: The ₹78–₹79 level has acted as a multi-year horizontal support, with multiple past price reactions and bounces from this region.
Trendline Resistance: A long-term downward sloping trendline from the 2021 peak serves as a key resistance. Historically, price has respected this line, making it a crucial level to monitor for any rebound attempt.
Indicators Used:
RSI (Relative Strength Index) shows the stock is currently in the oversold zone (<40). Past oversold readings near this support level have led to bullish reversals.
MACD currently shows bearish momentum but is approaching a zone where reversals have previously occurred.
Volume remains modest, but any increase near support may indicate accumulation.
📈 Trade Study Hypothesis:
If the support holds, the price may potentially rebound toward the trendline (currently near the ₹110–₹120 range), offering a medium-term technical play. A strong bullish signal would be a breakout above the trendline with volume confirmation.
⚠️ Note:
This idea is intended purely for educational and analytical purposes. It is not a recommendation to buy, sell, or hold any security. Always perform your own due diligence or consult a financial advisor before making investment decisions.
🔍 Overview :
Support Zone Identification: The ₹78–₹79 level has acted as a multi-year horizontal support, with multiple past price reactions and bounces from this region.
Trendline Resistance: A long-term downward sloping trendline from the 2021 peak serves as a key resistance. Historically, price has respected this line, making it a crucial level to monitor for any rebound attempt.
Indicators Used:
RSI (Relative Strength Index) shows the stock is currently in the oversold zone (<40). Past oversold readings near this support level have led to bullish reversals.
MACD currently shows bearish momentum but is approaching a zone where reversals have previously occurred.
Volume remains modest, but any increase near support may indicate accumulation.
📈 Trade Study Hypothesis:
If the support holds, the price may potentially rebound toward the trendline (currently near the ₹110–₹120 range), offering a medium-term technical play. A strong bullish signal would be a breakout above the trendline with volume confirmation.
⚠️ Note:
This idea is intended purely for educational and analytical purposes. It is not a recommendation to buy, sell, or hold any security. Always perform your own due diligence or consult a financial advisor before making investment decisions.
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.