OFFS breakout trading

Sep 13, 2024

Oracle Financial Services Software (OFSS) as the stock is currently in a bullish uptrend, consistently forming higher highs and higher lows. It is trading above the 21-day EMA, which supports a positive outlook. The stock is testing a key resistance level around ₹11,840, and a breakout above ₹12,000 could push it toward ₹12,500 or higher. However, given that the RSI is nearing the overbought zone at 67.71, there is a potential for a short-term pullback. For risk management, I recommend setting a stop-loss at ₹11,500 to protect against downside volatility, with a more conservative stop at ₹11,000 near the lower trendline.