ADVANIHOTR - Weekly Chart Analysis, CMP-142.65A multiyear breakout seems happening on the monthly timeframe. Still monthly close matters in that case. But on a weekly chart it is showing good strength.
On a weekly timeframe as we can see it had broke the supply/resistance zone (93-106) and retested the zone forming base of 11 weeks and 23% range. This week it has gapped up and closed above the base on good volumes.
The previous supply/resistance shall now act as strong demand/support zone. So that would be the main support. The stock is sailing above all its key moving averages too.
111 should now be the initial support and a weekly close with the follow through if seen in any case would invalid our view.
145 - 168 - 198 - 283 are the levels that might be tested over the long term based on trend Fib.
Disclaimer: This is just a study and shared here for educational purpose. It is not a buy/sell recommendation in any way. If you intend to trade this counter then do your own due diligence and trade at your own risk.
