Prism Johnson Ltd Approaching Breakout in Symmetrical Triangle
Prism Johnson Ltd is displaying a promising setup with a symmetrical triangle pattern on the daily chart. The stock has been consolidating within this formation since November 2022, with the price action tightening as it approaches the triangle's apex.
Today, the stock has shown a strong move, closing at ₹175.70 with a significant increase in volume, surpassing the 30-day average. This surge in volume could be an early signal of a potential breakout.
If the price breaks above the upper trendline (around ₹176-₹178) with continued high volume, it could lead to a bullish rally. In such a scenario, traders might consider entering long positions, targeting levels around ₹190-₹200. However, a failure to sustain this breakout or a reversal back into the triangle could invalidate this bullish setup.
Given the current market dynamics and volume activity, Prism Johnson Ltd. is a stock to watch closely for a breakout trade opportunity.
Today, the stock has shown a strong move, closing at ₹175.70 with a significant increase in volume, surpassing the 30-day average. This surge in volume could be an early signal of a potential breakout.
If the price breaks above the upper trendline (around ₹176-₹178) with continued high volume, it could lead to a bullish rally. In such a scenario, traders might consider entering long positions, targeting levels around ₹190-₹200. However, a failure to sustain this breakout or a reversal back into the triangle could invalidate this bullish setup.
Given the current market dynamics and volume activity, Prism Johnson Ltd. is a stock to watch closely for a breakout trade opportunity.
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