WELSPUNLIV | Trend Reversal with Strong VolumeWelspun Living Ltd. (NSE: WELSPUNLIV) is showing signs of a significant trend reversal as it breaks out of a downward channel, supported by a surge in volume. After multiple attempts to move higher, the price action has finally broken above the crucial resistance at ₹132.90, signaling the potential for an uptrend. Here’s the breakdown:
Breakout Point: The price has broken out of a downward trend channel (highlighted in blue), which could signal the start of a bullish phase.
Key Support: The breakout level around ₹132.90 will act as a key support, and any pullbacks towards this level can be considered as potential buying opportunities.
Level 1 - ₹150.99: The first resistance is at ₹150.99. A successful breakout above this level will confirm the uptrend.
Level 2 - ₹166.99: The next major resistance is ₹166.99, which will likely act as a significant hurdle.
Level 3 - ₹181.09: If momentum continues, the price could reach ₹181.09, where another resistance zone exists.
Ultimate Level - ₹212.57: If the bullish trend continues, the price could eventually reach ₹212.57, the next major resistance zone.
Volume Confirmation: The breakout is accompanied by a notable increase in volume, which enhances the reliability of this move.
Note: This analysis is purely for educational purposes and is not a recommendation to buy or sell any securities. It is based on technical indicators and historical price action. Always conduct your own research or consult a financial advisor before making any investment decisions. Use proper risk management techniques, such as stop-loss orders, when trading. The market is unpredictable, and past performance does not guarantee future results.
