Finolex Cables has given a strong **CHOCH (Change of Character)** on the weekly timeframe.
Earlier, the stock was in a bearish structure, continuously making lower highs and lower lows. The marked zone acted as an important resistance area where price previously faced selling pressure.
Now, the stock has broken above that resistance with a strong bullish candle supported by rising volume and improving RSI strength. This indicates that buyers are gaining control and the market structure may be shifting from bearish to bullish.
The breakout looks healthy because:
• Strong momentum candle
• Volume expansion
• RSI moving into bullish territory
• Price trading above moving averages
However, the most important confirmation will be the **weekly candle close** above the marked resistance zone. A successful close above this level can strengthen the bullish bias, while a rejection below the zone may lead to a false breakout.
This setup can be watched for continuation momentum and possible retest opportunities in the coming weeks.
⚠️ Disclaimer: This is only for educational purposes and not a buy/sell recommendation. Always do your own research and manage risk properly.
Earlier, the stock was in a bearish structure, continuously making lower highs and lower lows. The marked zone acted as an important resistance area where price previously faced selling pressure.
Now, the stock has broken above that resistance with a strong bullish candle supported by rising volume and improving RSI strength. This indicates that buyers are gaining control and the market structure may be shifting from bearish to bullish.
The breakout looks healthy because:
• Strong momentum candle
• Volume expansion
• RSI moving into bullish territory
• Price trading above moving averages
However, the most important confirmation will be the **weekly candle close** above the marked resistance zone. A successful close above this level can strengthen the bullish bias, while a rejection below the zone may lead to a false breakout.
This setup can be watched for continuation momentum and possible retest opportunities in the coming weeks.
⚠️ Disclaimer: This is only for educational purposes and not a buy/sell recommendation. Always do your own research and manage risk properly.
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.