EUROPRATIK - The stock has been showing improving price structure since making a low near 205 in late January.
After the bottom formation, price started making higher lows while repeatedly facing resistance around the same zone, creating an ascending structure. A tight contraction developed just below the 282 resistance, indicating supply absorption, and eventually resulted in a strong breakout.
On 3rd July, the stock rallied to a high of 333, but the move was followed by a quick pullback. The encouraging part is that the correction remained shallow, with no major damage to the overall trend. Since then, the stock has been consolidating in a healthy range.
Currently, the volatility contraction is clearly visible, the key EMAs alignment remains intact, and the higher high–higher low market structure continues to favour the bulls.
A strong breakout with volume from the current consolidation could trigger the next leg of the uptrend.
Levels to watch:
333 may act as the first intermediate resistance.
A sustained move above 357 could increase the probability of a rally towards the previous swing high.
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 bottom formation, price started making higher lows while repeatedly facing resistance around the same zone, creating an ascending structure. A tight contraction developed just below the 282 resistance, indicating supply absorption, and eventually resulted in a strong breakout.
On 3rd July, the stock rallied to a high of 333, but the move was followed by a quick pullback. The encouraging part is that the correction remained shallow, with no major damage to the overall trend. Since then, the stock has been consolidating in a healthy range.
Currently, the volatility contraction is clearly visible, the key EMAs alignment remains intact, and the higher high–higher low market structure continues to favour the bulls.
A strong breakout with volume from the current consolidation could trigger the next leg of the uptrend.
Levels to watch:
333 may act as the first intermediate resistance.
A sustained move above 357 could increase the probability of a rally towards the previous swing high.
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: stop reached
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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.
Related publications
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.