PICCADIL - CnH -Consolidation BreakOut-DailyThis chart **Piccadily Agro Industries Ltd.** (PICCADIL) on the **BSE**.
Here are the key technical observations:
1. **Pattern:**
- An **cup-and-handle pattern** is identified, which is typically a bullish continuation setup.
- The price has confirmed a breakout above the handle's resistance.
2. Consolidation Breakout:
-The price has successfully broken out of the 900 resistance with strong bullish momentum.
-The breakout represents the end of the multi-month consolidation phase since April 2024,
confirming a significant bullish bias.
- The breakout has occurred on high volume, confirming buying interest and enhancing the
reliability of the pattern.
3. Measured Target:
The expected upward move is calculated based on the depth of the cup:
Height of the cup ≈ 165 points.
Target post-breakout = Breakout level (786.15) + Depth of the cup (165) = ~951.15.
This aligns with the chart showing a potential 20.96% upside.
4. **Key Levels:**
Support Levels:
786.15: Now a key support after the breakout.
620.65: Strong base support for the pattern.
Resistance Levels:
904.60: Immediate resistance, just below the target zone.
951.15–960.00: Projected target based on the measured move.
5. **Volume Analysis:**
- Sustained increases in volume around the breakout region suggest institutional buying.
