POLYCAB - Consolidation Breakout - Daily
Polycab India Ltd., and it shows a breakout from a sideways consolidation range between ₹6,146 and ₹6,905. The current price is ₹7,054.80, reflecting a strong move upward with a significant increase of +4.56%.
Key Insights:
Breakout Confirmation: The stock has broken out from its consolidation range between ₹6,146 and ₹6,905, showing bullish momentum.
Volume Spike: The breakout is supported by a surge in volume, signaling a higher probability of continuation in the current uptrend.
Target Levels:
Based on the previous range and measured move from this breakout, the immediate target is around ₹7,671.95, which is approximately 11% from the current price.
A potential intermediate target was at ₹7,331.45, which seems to be reached as per the chart's high at ₹7,054.
Support Levels:
The previous strong support at ₹6,146 now acts as a solid base, and the price action above this level suggests limited downside risk in the short term.
Conclusion:
The chart signals bullish potential for Polycab India Ltd. with upward targets around ₹7,331.45 and ₹7,671.95, while the breakout and volume spike suggest strong momentum continuation.
Key Insights:
Breakout Confirmation: The stock has broken out from its consolidation range between ₹6,146 and ₹6,905, showing bullish momentum.
Volume Spike: The breakout is supported by a surge in volume, signaling a higher probability of continuation in the current uptrend.
Target Levels:
Based on the previous range and measured move from this breakout, the immediate target is around ₹7,671.95, which is approximately 11% from the current price.
A potential intermediate target was at ₹7,331.45, which seems to be reached as per the chart's high at ₹7,054.
Support Levels:
The previous strong support at ₹6,146 now acts as a solid base, and the price action above this level suggests limited downside risk in the short term.
Conclusion:
The chart signals bullish potential for Polycab India Ltd. with upward targets around ₹7,331.45 and ₹7,671.95, while the breakout and volume spike suggest strong momentum continuation.
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.