Comprehensive Technical Analysis of IRFC Weekly Chart: Trends
Trend Analysis:
Current Price: ₹145.42 (as shown on the chart).
Trend Direction:
The breakout from the descending wedge earlier suggests bullish momentum. However, the price has been consolidating in a sideways pattern recently, indicating indecision among traders.
A strong support level is evident near ₹140–₹144.
Support and Resistance Levels:
Immediate Support: ₹144 (near Pivot Point and S1 zone).
If the price breaks below ₹144, it could retest lower Fibonacci levels like ₹130–₹125 (S2 and S3).
Resistance Levels:
₹153 (R1): If the price can cross this, further upward movement toward ₹160 (R2) and ₹180 (R3) is possible.
MACD Insights:
Current Status:
MACD is below the signal line, suggesting bearish momentum in the short term.
The histogram shows shrinking red bars, indicating weakening bearish momentum and potential for reversal.
Possibilities:
If the MACD crosses above the signal line, it would confirm bullish momentum.
If bearish momentum persists, expect further price consolidation or a downward move.
Volume and Momentum:
The chart does not explicitly show volume bars, but momentum indicators (like MACD) suggest a slowdown in bearish pressure.
Wedge Breakout and Potential Scenarios:
Bullish Continuation: If ₹145–₹150 is held as support, the price may rally toward ₹160 and eventually ₹180 in the medium term.
Bearish Breakdown: If ₹144 is breached, the price may revisit ₹130, a strong support level from previous consolidations.
Sideways Consolidation: If momentum remains weak, the price could range between ₹144–₹153 for a few weeks.
Current Price: ₹145.42 (as shown on the chart).
Trend Direction:
The breakout from the descending wedge earlier suggests bullish momentum. However, the price has been consolidating in a sideways pattern recently, indicating indecision among traders.
A strong support level is evident near ₹140–₹144.
Support and Resistance Levels:
Immediate Support: ₹144 (near Pivot Point and S1 zone).
If the price breaks below ₹144, it could retest lower Fibonacci levels like ₹130–₹125 (S2 and S3).
Resistance Levels:
₹153 (R1): If the price can cross this, further upward movement toward ₹160 (R2) and ₹180 (R3) is possible.
MACD Insights:
Current Status:
MACD is below the signal line, suggesting bearish momentum in the short term.
The histogram shows shrinking red bars, indicating weakening bearish momentum and potential for reversal.
Possibilities:
If the MACD crosses above the signal line, it would confirm bullish momentum.
If bearish momentum persists, expect further price consolidation or a downward move.
Volume and Momentum:
The chart does not explicitly show volume bars, but momentum indicators (like MACD) suggest a slowdown in bearish pressure.
Wedge Breakout and Potential Scenarios:
Bullish Continuation: If ₹145–₹150 is held as support, the price may rally toward ₹160 and eventually ₹180 in the medium term.
Bearish Breakdown: If ₹144 is breached, the price may revisit ₹130, a strong support level from previous consolidations.
Sideways Consolidation: If momentum remains weak, the price could range between ₹144–₹153 for a few weeks.
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