KEC- Breakout with Strong Momentum Keep In Radar

Aug 30

✅ The stock has been in an uptrend, supported by an ascending trendline since late 2023. Recently, it broke out above the significant resistance level at ₹955, indicating a potential continuation of its bullish momentum.

✅ The RSI has reached around 72, signaling strong bullish momentum. Although in overbought territory, this reflects the strength of the current move. The breakout is further confirmed by a noticeable increase in trading volume, suggesting strong buying interest.

✅ Following this breakout, the stock could aim for its next resistance level around ₹1,050. If the momentum continues, further upside is likely. However, a retest of the ₹955 level could occur before the stock moves higher.

✅ Traders should watch for any signs of weakness near the ₹955 level, as a failure to hold above this could indicate a false breakout. However, the overall trend remains bullish as long as the stock stays above its ascending trendline.