The chart you've provided is a **cup and handle breakout pattern** for *Vishal Mega Mart Ltd (VMM)*, which is a classic bullish continuation pattern in technical analysis.
### Key Observations:
1. **Cup and Handle Formation**:
- The "cup" part of the pattern formed over February to mid-April.
- The "handle" formed shortly after and broke out with a strong bullish candle on April 30.
2. **Breakout Details**:
- Breakout above the resistance zone of **₹113.50–₹117.41**.
- The stock closed at **₹118.48**, up **10%** on high volume—indicating strong buying interest.
3. **Price Target Projection**:
- Depth of the cup is approximately **₹17.56**.
- Projected target from breakout point (₹117.41) is around **₹127.50**, which is also marked on the chart.
4. **Volume Confirmation**:
- Significant volume spike on the breakout day supports the validity of the breakout.
### Summary:
This breakout is a bullish signal, and the target is around **₹127.50**, as long as the price sustains above the **₹113.50** support zone. A retracement to retest this breakout zone is possible, but the pattern remains valid unless it breaks below this support.
### Key Observations:
1. **Cup and Handle Formation**:
- The "cup" part of the pattern formed over February to mid-April.
- The "handle" formed shortly after and broke out with a strong bullish candle on April 30.
2. **Breakout Details**:
- Breakout above the resistance zone of **₹113.50–₹117.41**.
- The stock closed at **₹118.48**, up **10%** on high volume—indicating strong buying interest.
3. **Price Target Projection**:
- Depth of the cup is approximately **₹17.56**.
- Projected target from breakout point (₹117.41) is around **₹127.50**, which is also marked on the chart.
4. **Volume Confirmation**:
- Significant volume spike on the breakout day supports the validity of the breakout.
### Summary:
This breakout is a bullish signal, and the target is around **₹127.50**, as long as the price sustains above the **₹113.50** support zone. A retracement to retest this breakout zone is possible, but the pattern remains valid unless it breaks below this support.
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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.