#Angelone - Stock outlook !!NSE:ANGELONE
Key Points:
Trends:
Two trendlines are plotted:
Upward trendline (dotted line): Displays the earlier uptrend in the stock's graph (higher lows).
Downward trendline (descending resistance): indicates the resistance level that forms when the stock starts to drop from its recent highs.
Important Information:
Support Level at ₹2701.45: This flat black line shows an important area where the stock went back up or stayed the same before. It's a strong place where buyers are active.
Resistance Zone at ₹3367.80 – ₹3393.00: It is the highest zone. It is the targeted range as indicated on the chart. This has been an important resistance in the context of previous price actions.
Fake-Out Indication:
There is a fake-out noted just below the horizontal support line of ₹2701.45. That means that the price did fall briefly below the support but quickly reverted, and hence the bearish breakout is not valid.
Breakout.
The stock seems to be going above the downward trendline, which could mean a possible upward breakout if it continues.
Future Expectations:
Bullish Scenario (Orange Rectangle): If the breakout stays above the downward trendline, it may drive the stock up to the resistance zone of ₹3367.80–₹3393.00.
Bearish Scenario (Arrow pointing down): If the breakout does not work and the price goes back below ₹2701.45, it might show a strong trend downward toward the next support levels (for example, ₹2025.00).
Explanation:
Trend Reversal:
Stock, breaking the downward trendline above indicates that the stock is on a changing pattern, from the decline, and probably into an uptrend.
Artifactual Meaning:
The fake-out close to ₹2701.45 shows how important support zones are. It shows that buyers took charge again after a first drop in price.
Possible Risk and Benefit:
Traders could expect a bounce towards the orange area, or resistance zone, if the breakout is valid. Stop-loss levels are likely set below ₹2701.45 to risk manage.
Useful Information:
For a bull trade, Wait for confirmation of the breakout, like the daily close above the trendline. Target: ₹3300–₹3393 range. Stop Loss: ₹ 2700. For a bearish trade: It could again begin a downtrend if prices go back into ₹2701.45. Target: ₹2300 or less. Stop Loss: Above ₹2800. This chart shows a mix of price movements with false signals, trendline breaks, and important levels. It gives positive and negative scenarios based on how the stock acts around these levels.
Ps note: NOT A SEBI REGISTERE.
ANY QUERIES @thetradeforecast :)
