The chart shows a breakout setup in Taj GVK Hotels & Resorts on a weekly timeframe. The price has broken out above a key resistance level around ₹450, which is marked by the yellow zone. The breakout is confirmed by a strong bullish candle, suggesting that buyers are in control. The fact that the price is sustaining above the breakout zone indicates that the move is genuine rather than a false breakout.
Volume has increased significantly during the breakout, which further supports the strength of the move. Higher volume during a breakout typically signals institutional participation, adding conviction to the trend.
The RSI is currently at 67.60, which places it in the bullish zone but not yet overbought. An RSI above 60 indicates strong momentum, which is a positive sign for trend continuation.
For a trading strategy, if the price sustains above the ₹450–460 zone, it confirms strength and increases the likelihood of further upward movement. The first target can be set around ₹550, which is based on the measured move from the breakout height. A second target can be considered at ₹600, which is a psychological level and potential extension point. The stop loss should be placed below ₹450, as a close below this level would invalidate the breakout and suggest weakness.
Overall, this is a strong breakout setup with favorable volume and RSI confirmation. If the price holds above the breakout zone, it could lead to a continued upward move toward higher targets.
Volume has increased significantly during the breakout, which further supports the strength of the move. Higher volume during a breakout typically signals institutional participation, adding conviction to the trend.
The RSI is currently at 67.60, which places it in the bullish zone but not yet overbought. An RSI above 60 indicates strong momentum, which is a positive sign for trend continuation.
For a trading strategy, if the price sustains above the ₹450–460 zone, it confirms strength and increases the likelihood of further upward movement. The first target can be set around ₹550, which is based on the measured move from the breakout height. A second target can be considered at ₹600, which is a psychological level and potential extension point. The stop loss should be placed below ₹450, as a close below this level would invalidate the breakout and suggest weakness.
Overall, this is a strong breakout setup with favorable volume and RSI confirmation. If the price holds above the breakout zone, it could lead to a continued upward move toward higher targets.
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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.