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.

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.