On the weekly timeframe, NATIONALUM is showing a clear trend reversal structure after a prolonged corrective phase.
The price has formed a rounded bottom pattern, indicating gradual accumulation and a shift in market sentiment from bearish to bullish. Such structures generally reflect smart money participation rather than short-term speculative moves.
The highlighted zone around ₹245–₹250 acted as a strong resistance in the past. Price has now broken above this level with strong weekly candles and increased volume, confirming a valid breakout. This zone is expected to act as a major support on any pullback.
Post breakout, the stock is maintaining higher highs and higher lows, which confirms the start of a medium-term uptrend. The price structure suggests healthy continuation with intermediate consolidations rather than a vertical move.
Based on the pattern height projection, the stock has the potential to move towards the ₹340–₹350 zone over the medium to long term, provided the broader market remains supportive.
Invalidation / Risk Management:
The bullish structure remains intact as long as price holds above ₹240–₹245 on a weekly closing basis. A weekly close below this zone may weaken the setup.
Additional observation: Strong ROCE & ROE, healthy margins, improving EPS, reasonable dividend yield, and low debt provide fundamental comfort to the technical breakout.
Disclaimer: This view is for educational purposes only. Not financial advice. Please do your own analysis before taking any trade.
The price has formed a rounded bottom pattern, indicating gradual accumulation and a shift in market sentiment from bearish to bullish. Such structures generally reflect smart money participation rather than short-term speculative moves.
The highlighted zone around ₹245–₹250 acted as a strong resistance in the past. Price has now broken above this level with strong weekly candles and increased volume, confirming a valid breakout. This zone is expected to act as a major support on any pullback.
Post breakout, the stock is maintaining higher highs and higher lows, which confirms the start of a medium-term uptrend. The price structure suggests healthy continuation with intermediate consolidations rather than a vertical move.
Based on the pattern height projection, the stock has the potential to move towards the ₹340–₹350 zone over the medium to long term, provided the broader market remains supportive.
Invalidation / Risk Management:
The bullish structure remains intact as long as price holds above ₹240–₹245 on a weekly closing basis. A weekly close below this zone may weaken the setup.
Additional observation: Strong ROCE & ROE, healthy margins, improving EPS, reasonable dividend yield, and low debt provide fundamental comfort to the technical breakout.
Disclaimer: This view is for educational purposes only. Not financial advice. Please do your own analysis before taking any trade.
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.
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.