Potential Bullish Reversal With High Volume & Strong Candle
✅The stock has been in a consolidation phase, with price action forming a descending triangle pattern. Recently, the price has shown signs of breaking out from this pattern, indicating a potential bullish reversal.
✅ Immediate support around ₹240, which was a recent consolidation level. Stronger support near ₹220, aligning with the lower trendline and past price action.
✅ There is a noticeable increase in volume accompanying the price move towards the breakout, indicating strong buying interest and supporting the potential bullish reversal.
✅ RSI is trending upwards, indicating increasing bullish momentum without being overbought. The MACD histogram shows increasing bullish momentum, with the MACD line approaching a bullish crossover above the signal line.
**Trading Plan:**
- **Entry:** Above ₹260
- **Stop Loss:** Below ₹240
- **Targets:** ₹280 (short-term), ₹300 (medium-term)
Trade active
Now Indramedco is 22% after my analysis, Today 20% up upper circuit after strong quarterly results
Join our community in telegram for real time updates --- telegram.me/marketiik
Telegram- telegram.me/marketiik
A simple trader, distancing from the fake crowd. Simplifying complexity, I prioritize genuine insights over trends.
Telegram- telegram.me/marketiik
A simple trader, distancing from the fake crowd. Simplifying complexity, I prioritize genuine insights over trends.
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.
Join our community in telegram for real time updates --- telegram.me/marketiik
Telegram- telegram.me/marketiik
A simple trader, distancing from the fake crowd. Simplifying complexity, I prioritize genuine insights over trends.
Telegram- telegram.me/marketiik
A simple trader, distancing from the fake crowd. Simplifying complexity, I prioritize genuine insights over trends.
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.