Hello TradingView community, Sharing a higher-timeframe technical view on Sterlite Technologies Ltd based on structure, breakout, and key levels.
Appreciate your thoughts and feedback always happy to learn and exchange perspectives.
Sterlite Technologies Ltd has confirmed a breakout from a multi-year ascending triangle pattern on the weekly timeframe, signaling a potential trend reversal after a prolonged consolidation phase.
The price structure is supported by consistent higher lows, highlighting sustained buying interest and gradual accumulation at lower levels. This improving structure reflects strengthening demand and a shift in market sentiment.
The recent breakout above the long-standing horizontal resistance marks a decisive structural change. Such breakouts on higher timeframes often lead to continuation moves, especially when supported by improving price structure.
The former resistance zone around 138 is now expected to act as a key support area. Any healthy retest or support-based bounce from this zone could offer a high-probability entry opportunity, providing a favorable risk-reward setup compared to chasing extended price moves. This could be a best entry because by this risk to reaward ratio becomes great.
Upside targets:
• 175 – first major resistance and near-term objective
• 220 – higher timeframe resistance and extended target
Risk management: A sustained move below the breakout support zone on a weekly closing basis would invalidate the bullish structure.
Overall, the chart favors a buy-on-dip or breakout-retest strategy, with the higher timeframe structure now tilted in favor of the bulls.
This publication is meant for only Edcucational purpose, Please don't consider this as a Trading advice.
Best regards. Amit.
Appreciate your thoughts and feedback always happy to learn and exchange perspectives.
Sterlite Technologies Ltd has confirmed a breakout from a multi-year ascending triangle pattern on the weekly timeframe, signaling a potential trend reversal after a prolonged consolidation phase.
The price structure is supported by consistent higher lows, highlighting sustained buying interest and gradual accumulation at lower levels. This improving structure reflects strengthening demand and a shift in market sentiment.
The recent breakout above the long-standing horizontal resistance marks a decisive structural change. Such breakouts on higher timeframes often lead to continuation moves, especially when supported by improving price structure.
The former resistance zone around 138 is now expected to act as a key support area. Any healthy retest or support-based bounce from this zone could offer a high-probability entry opportunity, providing a favorable risk-reward setup compared to chasing extended price moves. This could be a best entry because by this risk to reaward ratio becomes great.
Upside targets:
• 175 – first major resistance and near-term objective
• 220 – higher timeframe resistance and extended target
Risk management: A sustained move below the breakout support zone on a weekly closing basis would invalidate the bullish structure.
Overall, the chart favors a buy-on-dip or breakout-retest strategy, with the higher timeframe structure now tilted in favor of the bulls.
This publication is meant for only Edcucational purpose, Please don't consider this as a Trading advice.
Best regards. Amit.
Moderator, TradingView
(No Trading Advice)
(No Trading Advice)
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.
Moderator, TradingView
(No Trading Advice)
(No Trading Advice)
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.