Breakout in NOCIL
Updated
1. **Price Movement**:
- The price has been in an uptrend since mid-2020.
- There was a consolidation phase that lasted from mid-2021 to mid-2023, forming a symmetrical triangle or a range-bound pattern.
- Recently, the price has broken out of this consolidation pattern to the upside, which is a bullish signal.
2. **Volume**:
- The volume spikes suggest significant trading activity during certain periods.
- A noticeable increase in volume during the recent breakout, supporting the bullish move.
3. **Trend Lines**:
- Upper and lower trend lines indicate potential resistance and support levels.
- The breakout above the upper trend line is significant, suggesting further potential upside.
4. **Price Target**:
- The price target, marked by a blue box, shows an estimated target around INR 370. This is calculated based on the height of the previous range projected upwards from the breakout point.
5. **RSI Indicator**:
- The RSI is currently around 54.53, indicating a neutral to slightly bullish momentum.
- The divergence in the RSI during the previous highs indicated potential weakness, but the recent breakout suggests renewed strength.
6. **Support and Resistance**:
- Immediate support is around the breakout point near INR 260-270.
- Resistance is expected around the INR 370 target zone.
- The price has been in an uptrend since mid-2020.
- There was a consolidation phase that lasted from mid-2021 to mid-2023, forming a symmetrical triangle or a range-bound pattern.
- Recently, the price has broken out of this consolidation pattern to the upside, which is a bullish signal.
2. **Volume**:
- The volume spikes suggest significant trading activity during certain periods.
- A noticeable increase in volume during the recent breakout, supporting the bullish move.
3. **Trend Lines**:
- Upper and lower trend lines indicate potential resistance and support levels.
- The breakout above the upper trend line is significant, suggesting further potential upside.
4. **Price Target**:
- The price target, marked by a blue box, shows an estimated target around INR 370. This is calculated based on the height of the previous range projected upwards from the breakout point.
5. **RSI Indicator**:
- The RSI is currently around 54.53, indicating a neutral to slightly bullish momentum.
- The divergence in the RSI during the previous highs indicated potential weakness, but the recent breakout suggests renewed strength.
6. **Support and Resistance**:
- Immediate support is around the breakout point near INR 260-270.
- Resistance is expected around the INR 370 target zone.
Note
277 ==> 305
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