RPOWER -Cup and Handle -Breakout -Wkly
Reliance Power Ltd. (NSE: RPOWER):
Cup and Handle Pattern: It shows a classic cup and handle breakout, a bullish continuation pattern. The neckline resistance of INR 34.40 was broken, pushing the stock higher.
Target: After this breakout, the stock is targeting the next major resistance at INR 68.13.
Volume: The rise in volume confirms the strength of the breakout.
Support: The level of INR 34.44 will now serve as a key support.
The charts show potential for further gains, but short-term traders should monitor for overbought conditions and pullbacks at key resistance levels.
Cup and Handle Pattern: It shows a classic cup and handle breakout, a bullish continuation pattern. The neckline resistance of INR 34.40 was broken, pushing the stock higher.
Target: After this breakout, the stock is targeting the next major resistance at INR 68.13.
Volume: The rise in volume confirms the strength of the breakout.
Support: The level of INR 34.44 will now serve as a key support.
The charts show potential for further gains, but short-term traders should monitor for overbought conditions and pullbacks at key resistance levels.
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