ONMOBILE's Chart: Bullish Breakout and Harmonic Patterns
In this analysis, we will delve into ONMOBILE's weekly chart, focusing on the breakout of the falling trendline and the presence of both Shark and Cypher Harmonic Patterns. We will assess the potential buying opportunity for ONMOBILE based on these technical signals. Let's proceed with the analysis.
Chart Analysis:
The TradingView chart for ONMOBILE reveals important technical factors that could influence the stock's price action.
Breakout of Falling Trendline:
ONMOBILE's weekly chart exhibits a notable breakout of the falling trendline. This breakout indicates a potential reversal of the downtrend and suggests an increased interest from buyers, potentially leading to an upward movement in the stock's price.
Harmonic Patterns - Shark and Cypher:
The chart displays the presence of two harmonic patterns, namely the Shark and Cypher patterns, on the weekly timeframe. These patterns are potential reversal formations that rely on Fibonacci ratios. The occurrence of these patterns further enhances the bullish case for ONMOBILE.
Trading Opportunity and Targets:
Given the combination of the bullish breakout and the presence of harmonic patterns, there appears to be a potential buying opportunity for ONMOBILE. Traders may consider initiating a long position at the current market price (CMP) of ₹79.2. However, it's essential to acknowledge that the suggested stop loss at ₹74 is intended to manage potential risks.
For the targets, three potential levels are set: Target 1 at ₹85, Target 2 at ₹90, and Target 3 at ₹99. These targets are determined based on the technical analysis of the harmonic patterns and the breakout.
Conclusion:
The technical analysis of ONMOBILE's weekly chart indicates a bullish outlook for the stock. The breakout of the falling trendline, along with the presence of both Shark and Cypher Harmonic Patterns, suggests potential upward momentum. Traders may consider entering a long position at the CMP of ₹79.2, with a stop loss set at ₹74 and targets at ₹85, ₹90, and ₹99.
As with any investment decision, caution should be exercised, and it is recommended to conduct thorough research and consult with a financial advisor before making any investment choices. Additionally, traders should closely monitor the stock's price action and consider implementing appropriate risk management strategies.
Chart Analysis:
The TradingView chart for ONMOBILE reveals important technical factors that could influence the stock's price action.
Breakout of Falling Trendline:
ONMOBILE's weekly chart exhibits a notable breakout of the falling trendline. This breakout indicates a potential reversal of the downtrend and suggests an increased interest from buyers, potentially leading to an upward movement in the stock's price.
Harmonic Patterns - Shark and Cypher:
The chart displays the presence of two harmonic patterns, namely the Shark and Cypher patterns, on the weekly timeframe. These patterns are potential reversal formations that rely on Fibonacci ratios. The occurrence of these patterns further enhances the bullish case for ONMOBILE.
Trading Opportunity and Targets:
Given the combination of the bullish breakout and the presence of harmonic patterns, there appears to be a potential buying opportunity for ONMOBILE. Traders may consider initiating a long position at the current market price (CMP) of ₹79.2. However, it's essential to acknowledge that the suggested stop loss at ₹74 is intended to manage potential risks.
For the targets, three potential levels are set: Target 1 at ₹85, Target 2 at ₹90, and Target 3 at ₹99. These targets are determined based on the technical analysis of the harmonic patterns and the breakout.
Conclusion:
The technical analysis of ONMOBILE's weekly chart indicates a bullish outlook for the stock. The breakout of the falling trendline, along with the presence of both Shark and Cypher Harmonic Patterns, suggests potential upward momentum. Traders may consider entering a long position at the CMP of ₹79.2, with a stop loss set at ₹74 and targets at ₹85, ₹90, and ₹99.
As with any investment decision, caution should be exercised, and it is recommended to conduct thorough research and consult with a financial advisor before making any investment choices. Additionally, traders should closely monitor the stock's price action and consider implementing appropriate risk management strategies.
Comment:
20% Upper Circuit.