SHAHALLOYS: Signs of Reversal?

Hello fellow traders,

I hope everyone is doing well.

Please find my analysis for SHAHALLOYS below:

Key Observations:

1. Reversal from Support Zone: SHAHALLOYS appears to be reversing from a key support area.

2. 200 Weekly EMA Support: The price seems to be holding around the 200 Weekly EMA, indicating potential strength.

3. Chart Pattern: A falling wedge pattern is visible, which is typically a bullish reversal signal. The breakout and subsequent retest have already occurred.

4. Entry Point: A good entry opportunity could be around current levels of ₹69.19 level.

5. Targets: The potential targets are marked on the chart as T1, T2, and T3.

6. Risk-to-Reward Ratio: The trade offers an attractive R:R of 1:3.

Disclaimer:
This is purely an analysis and not investment advice. Please trade responsibly, conduct your own research, and manage your risks carefully.

I hope you find this analysis helpful. Thank you in advance for your support! 😊

Best regards,
Anantesh