The price has recently touched and bounced off a long-term ascending trendline that has acted as strong support since 2021. This bounce could indicate a potential reversal or at least a temporary bottom current candle is bullish with a long lower wick, suggesting buying pressure at lower levels, which is typically a good sign for reversal.
Assuming the support holds and momentum continues, here are the potential upside targets based on historical price action and resistance levels:
First Target: ₹165 – Previous minor resistance zone.
Second Target: ₹195 – Stronger resistance seen multiple times in 2024.
Third Target: ₹225 – Last significant swing high.
Long-term Potential: ₹265+
If the trend continues and momentum builds.Conservative Stop Loss: ₹110 – Below the recent swing low.
Aggressive Stop Loss: ₹99 – Just below the trendline breakdown (to allow for volatility).
Invalidation: Sustained close below ₹110–99 zone.
Assuming the support holds and momentum continues, here are the potential upside targets based on historical price action and resistance levels:
First Target: ₹165 – Previous minor resistance zone.
Second Target: ₹195 – Stronger resistance seen multiple times in 2024.
Third Target: ₹225 – Last significant swing high.
Long-term Potential: ₹265+
If the trend continues and momentum builds.Conservative Stop Loss: ₹110 – Below the recent swing low.
Aggressive Stop Loss: ₹99 – Just below the trendline breakdown (to allow for volatility).
Invalidation: Sustained close below ₹110–99 zone.
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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.
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.