Mphasis is currently trading at a CMP (Current Market Price) of 2801, with notable technical indicators suggesting a bullish sentiment. On the weekly chart, an inverted head and shoulders pattern has formed, typically indicative of a bullish reversal. The pattern is complemented by high trading volumes, affirming market participation and conviction. Furthermore, the breakout from the pattern followed by a period of consolidation reinforces the potential for upward movement. The MACD (Moving Average Convergence Divergence) indicator has exhibited a bullish crossover, adding to the positive sentiment. Moreover, with the RSI (Relative Strength Index) at 66, there is considerable momentum behind the price action. Additionally, the ADX (Average Directional Index) reading of 24 signals a strong trend, further bolstering the bullish outlook.
In terms of support and resistance levels, the support is identified at 2500, providing a significant level for potential downside protection. Conversely, the resistance level, as per the pattern, is estimated to be at 3450, serving as a target for potential upward movement. Considering these technical indications collectively, Mphasis appears to be positioned favorably for potential upside movement, with the aforementioned levels serving as key reference points for traders and investors.
In terms of support and resistance levels, the support is identified at 2500, providing a significant level for potential downside protection. Conversely, the resistance level, as per the pattern, is estimated to be at 3450, serving as a target for potential upward movement. Considering these technical indications collectively, Mphasis appears to be positioned favorably for potential upside movement, with the aforementioned levels serving as key reference points for traders and investors.