Manappuram Finance Ltd. | Daily Timeframe
Price has finally reclaimed a major multi-month resistance zone after spending a long period in rounded accumulation. The structure reflects gradual strength development, where every corrective phase continued to print higher lows, a sign of sustained buying interest on the higher timeframe.
The recent pullback near resistance also appears constructive rather than weak, forming a smaller continuation structure just beneath the breakout area. This type of compression often precedes expansion if buyers maintain control above the key level.
The projected upside target is derived from the previous corrective swing measurement, which has now been mirrored toward the upside following the breakout attempt. As long as price sustains above the resistance reclaim zone, the bullish continuation scenario remains active.
Key Levels-:
Breakout Resistance: ₹320
Confirmation Zone: Sustained acceptance above ₹320
Projected Upside Target: ₹348–350
The overall structure currently favors trend continuation over reversal while price remains above the breakout base.
Educational analysis only, not financial advice.
Regards- Amit.
Price has finally reclaimed a major multi-month resistance zone after spending a long period in rounded accumulation. The structure reflects gradual strength development, where every corrective phase continued to print higher lows, a sign of sustained buying interest on the higher timeframe.
The recent pullback near resistance also appears constructive rather than weak, forming a smaller continuation structure just beneath the breakout area. This type of compression often precedes expansion if buyers maintain control above the key level.
The projected upside target is derived from the previous corrective swing measurement, which has now been mirrored toward the upside following the breakout attempt. As long as price sustains above the resistance reclaim zone, the bullish continuation scenario remains active.
Key Levels-:
Breakout Resistance: ₹320
Confirmation Zone: Sustained acceptance above ₹320
Projected Upside Target: ₹348–350
The overall structure currently favors trend continuation over reversal while price remains above the breakout base.
Educational analysis only, not financial advice.
Regards- Amit.
Moderator, TradingView
(No Trading Advice)
(No Trading Advice)
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.
Moderator, TradingView
(No Trading Advice)
(No Trading Advice)
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.