On the weekly chart, the price structure clearly shows a well-defined support zone around 396, which has acted as a base in recent weeks. This level earlier behaved as resistance and once broken, it has now flipped into support, indicating a classic role reversal.
The recent price action suggests that buyers are stepping in whenever the price dips towards this zone, showing strong demand. The consolidation near this support also reflects accumulation rather than distribution. As the stock moved higher, it respected this level and built momentum gradually, supported by rising volumes in the recent candles.
The current move towards the 430 zone indicates strength, but the sustainability of this uptrend will depend on how well the price holds above the 396 support. Any pullback towards this area can be considered healthy as long as it does not break decisively below it.
A strong hold above support increases the probability of testing higher resistance zones in the coming weeks. This structure highlights a shift in market sentiment from bearish to gradually bullish.
The recent price action suggests that buyers are stepping in whenever the price dips towards this zone, showing strong demand. The consolidation near this support also reflects accumulation rather than distribution. As the stock moved higher, it respected this level and built momentum gradually, supported by rising volumes in the recent candles.
The current move towards the 430 zone indicates strength, but the sustainability of this uptrend will depend on how well the price holds above the 396 support. Any pullback towards this area can be considered healthy as long as it does not break decisively below it.
A strong hold above support increases the probability of testing higher resistance zones in the coming weeks. This structure highlights a shift in market sentiment from bearish to gradually bullish.
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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.