Swing
Price Trend:
The stock has been in a consolidation phase in recent years after recovering sharply from the COVID-19 crash in 2020.
There is a noticeable breakout attempt above a key resistance trendline (orange line), indicating bullish momentum.
Resistance Levels:
The horizontal line at ₹1,350 represents a critical resistance zone. This level appears to have been tested multiple times over the past few years and has now been breached.
Breakout Confirmation:
The weekly candle has closed above the resistance line, indicating a possible breakout.
The breakout suggests that the stock might rally higher, targeting the next projected level of approximately ₹1,850 (a 37% potential upside).
Volume:
The trading volume for the breakout week is relatively stable, though significant spikes in volume would further validate the breakout strength.
200 EMA Perspective:
If included, the stock's 200 EMA (Exponential Moving Average) might be acting as support below current levels, providing bullish sentiment.
Conclusion
This chart hints at a potential bullish breakout from long-term resistance. If market sentiment supports this move, the stock could continue its upward trajectory. However, traders should keep an eye on the volume and watch for sustained closes above ₹1,350 to confirm the breakout.
The stock has been in a consolidation phase in recent years after recovering sharply from the COVID-19 crash in 2020.
There is a noticeable breakout attempt above a key resistance trendline (orange line), indicating bullish momentum.
Resistance Levels:
The horizontal line at ₹1,350 represents a critical resistance zone. This level appears to have been tested multiple times over the past few years and has now been breached.
Breakout Confirmation:
The weekly candle has closed above the resistance line, indicating a possible breakout.
The breakout suggests that the stock might rally higher, targeting the next projected level of approximately ₹1,850 (a 37% potential upside).
Volume:
The trading volume for the breakout week is relatively stable, though significant spikes in volume would further validate the breakout strength.
200 EMA Perspective:
If included, the stock's 200 EMA (Exponential Moving Average) might be acting as support below current levels, providing bullish sentiment.
Conclusion
This chart hints at a potential bullish breakout from long-term resistance. If market sentiment supports this move, the stock could continue its upward trajectory. However, traders should keep an eye on the volume and watch for sustained closes above ₹1,350 to confirm the breakout.
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.