This chart represents Kabra Extrusion Technik Ltd. on a weekly timeframe. Here's a brief analysis:
Trend Overview:
The stock was in a strong uptrend from early 2021 to mid-2022, reaching higher levels with increasing volume.
It then entered a consolidation phase with lower highs, forming a descending triangle-like pattern.
Key Levels:
Support level: Around ₹450 (black horizontal line), which the stock has respected multiple times during the consolidation phase.
Resistance level: Around ₹510-516, where it is currently trading after breaking out of the descending trendline (orange line).
Breakout:
The stock has shown a breakout above the descending trendline with a strong weekly close at ₹509.90, gaining 8.76% in this session. This indicates a potential trend reversal.
Volume Analysis:
Increased volume during the breakout suggests strong buying interest and the possibility of further upward momentum.
Outlook:
If the stock sustains above ₹510, it could aim for higher targets.
A retest of the ₹510 level is possible before moving upward.
Failure to sustain above ₹510 might see the stock pulling back towards ₹450 support.
This breakout aligns with a bullish scenario, provided the resistance is successfully converted into support.
Trend Overview:
The stock was in a strong uptrend from early 2021 to mid-2022, reaching higher levels with increasing volume.
It then entered a consolidation phase with lower highs, forming a descending triangle-like pattern.
Key Levels:
Support level: Around ₹450 (black horizontal line), which the stock has respected multiple times during the consolidation phase.
Resistance level: Around ₹510-516, where it is currently trading after breaking out of the descending trendline (orange line).
Breakout:
The stock has shown a breakout above the descending trendline with a strong weekly close at ₹509.90, gaining 8.76% in this session. This indicates a potential trend reversal.
Volume Analysis:
Increased volume during the breakout suggests strong buying interest and the possibility of further upward momentum.
Outlook:
If the stock sustains above ₹510, it could aim for higher targets.
A retest of the ₹510 level is possible before moving upward.
Failure to sustain above ₹510 might see the stock pulling back towards ₹450 support.
This breakout aligns with a bullish scenario, provided the resistance is successfully converted into support.
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.