Titan Breaks Resistance, Soaring to New Highs

Jun 4, 2023

🚧 Introduction🚧
Titan, a stock that has been supported by a trendline since the COVID-19 period in March 2020, has exhibited a strong upward trend. However, it encountered a formidable resistance zone between October 2021 till May 2023, ranging from 2677 to 2791. This resistance acted as a significant supply zone for nearly 20 months. Finally, on May 29, 2023, the stock broke through this supply zone and is currently trading at an all-time high of 2861.

⚙️ Analysis⚙️

• Titan has found support from a trendline.
  
• Between October 2021 and May 2023, the levels of 2677 to 2791 served as a strong resistance zone.
  
• On May 29, 2023, Titan broke above this resistance and is currently trading at 2861, an all-time high.
  

🔍 Trading Strategy🔍
Traders have two options based on their risk appetite:

• Aggressive traders can consider buying above the high of the breakout candle.
  
• Safe traders may choose to wait for a retest of the breakout level and then enter a buy position.
  

⚠️ Disclaimer⚠️
This analysis is for educational purposes only, and I am not a SEBI registered analyst. Please conduct your own research and consult with a certified financial professional before making any investment decisions.

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📚 Technical Terms Explained📚
Trendline: A line drawn on a chart to connect multiple price points and identify the direction of a trend.
Resistance: A price level where selling pressure outweighs buying pressure, causing the price to reverse or stall.
Breakout: The point at which the price breaks above a significant resistance level, indicating a potential upward movement.