Himadri Speciality Chemical (Weekly)
After spending several months in a broad consolidation range between ₹430–₹500, Himadri has finally delivered a strong breakout backed by exceptional volume expansion.
The breakout above ₹535 has shifted the market structure firmly in favor of the bulls. Price is now testing the ₹676 resistance zone, which coincides with a previous swing high. A sustained move above this level could open the door for a fresh leg higher toward ₹800 and beyond.
Volume participation has increased significantly during the breakout phase, suggesting institutional interest. RSI is hovering near 70, reflecting strong momentum, although traders should remain alert for short-term consolidation after the recent sharp rally.
Key Levels
🔹 Resistance: ₹676, ₹800, ₹900
🔹 Support: ₹606, ₹535, ₹501
As long as price remains above the ₹535–₹606 zone, the bullish structure remains intact. Any pullback toward the breakout area may offer a healthier setup for trend continuation.
Disclaimer: This analysis is for educational purposes only and should not be considered investment advice. Please do your own research and manage risk appropriately.
After spending several months in a broad consolidation range between ₹430–₹500, Himadri has finally delivered a strong breakout backed by exceptional volume expansion.
The breakout above ₹535 has shifted the market structure firmly in favor of the bulls. Price is now testing the ₹676 resistance zone, which coincides with a previous swing high. A sustained move above this level could open the door for a fresh leg higher toward ₹800 and beyond.
Volume participation has increased significantly during the breakout phase, suggesting institutional interest. RSI is hovering near 70, reflecting strong momentum, although traders should remain alert for short-term consolidation after the recent sharp rally.
Key Levels
🔹 Resistance: ₹676, ₹800, ₹900
🔹 Support: ₹606, ₹535, ₹501
As long as price remains above the ₹535–₹606 zone, the bullish structure remains intact. Any pullback toward the breakout area may offer a healthier setup for trend continuation.
Disclaimer: This analysis is for educational purposes only and should not be considered investment advice. Please do your own research and manage risk appropriately.
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.