SUPRAJIT - The stock has been respecting a rising channel and recently rebounded from the lower trendline at 420. It is now breaking above a minor descending trendline. A small cup and handle pattern is visible between 460 and 495, with a breakout at 490-495, suggesting bullish momentum.
The price action is breaking above the upper boundary of the triangle, signaling bullish momentum and a potential resumption of the previous uptrend. The chart shows larger volume surges on green candles, supporting the breakout strength and indicating increased trader interest on positive price moves.
If a sustained breakout and close above approximately 495 occurs, this could signal a fresh swing entry opportunity targeting 525 and 560 in the near term, provided volume remains strong.
If the breakout fails and the price closes back inside the triangle, look for support re-tests at 440, which could present a lower-risk entry for a potential swing setup.
The price action is breaking above the upper boundary of the triangle, signaling bullish momentum and a potential resumption of the previous uptrend. The chart shows larger volume surges on green candles, supporting the breakout strength and indicating increased trader interest on positive price moves.
If a sustained breakout and close above approximately 495 occurs, this could signal a fresh swing entry opportunity targeting 525 and 560 in the near term, provided volume remains strong.
If the breakout fails and the price closes back inside the triangle, look for support re-tests at 440, which could present a lower-risk entry for a potential swing setup.
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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.
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.