RAJSREESUG - Weekly Chart Analysis, CMP-81.80
Updated
On the monthly timeframe the stock is possibly breaking out of the long term down trend. It is also breaking out in confluence with the resistance 69-76 levels.
Volumes are also on the rise.
On the weekly timeframe we see it sustaining above the down trend line and finally got a close above 76.
Now 69-76 shall act as a support and weekly close with a follow through below it with good volumes shall invalidate our view.
91-103 will be the initial supply zone and we expect a consolidation around these levels and breakout of this levels will also confirm a start of an uptrend on the longer timeframe.
If it sustains above the 103 levels for a few weeks we can expect 201-224 levels to be tested over the long term.
Disclaimer: This is just a study and shared here for educational purpose. It is not a buy/sell recommendation in any way. If you intend to trade this counter then do your own due diligence and trade at your own risk.
Volumes are also on the rise.
On the weekly timeframe we see it sustaining above the down trend line and finally got a close above 76.
Now 69-76 shall act as a support and weekly close with a follow through below it with good volumes shall invalidate our view.
91-103 will be the initial supply zone and we expect a consolidation around these levels and breakout of this levels will also confirm a start of an uptrend on the longer timeframe.
If it sustains above the 103 levels for a few weeks we can expect 201-224 levels to be tested over the long term.
Disclaimer: This is just a study and shared here for educational purpose. It is not a buy/sell recommendation in any way. If you intend to trade this counter then do your own due diligence and trade at your own risk.
Trade closed: stop reached
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