The triangle formed after a strong downtrend, indicating this could be a reversal triangle. Volume contraction inside the triangle, then explosion on breakout—textbook behavior.
Look at the volume bars during breakout (early June)—they’re massive compared to the base, suggesting strong institutional participation.
After breakout, price retested the breakout zone (~390–400) and is currently consolidating slightly.
This pullback is healthy, possibly offering a re-entry opportunity.
Immediate Support Levels: ₹390–396 (breakout zone).
Stronger Support Levels: Trendline support (~₹360).
Resistance / Target
First target: Previous swing high near ₹440–₹460.
Target ≈ ₹590 (swing target over medium-term).
Look at the volume bars during breakout (early June)—they’re massive compared to the base, suggesting strong institutional participation.
After breakout, price retested the breakout zone (~390–400) and is currently consolidating slightly.
This pullback is healthy, possibly offering a re-entry opportunity.
Immediate Support Levels: ₹390–396 (breakout zone).
Stronger Support Levels: Trendline support (~₹360).
Resistance / Target
First target: Previous swing high near ₹440–₹460.
Target ≈ ₹590 (swing target over medium-term).
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.