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Parallel Channel

Analyzing morepen laboratories _12th DEC 24BULLISH BREAKOUT : TECHNICAL OVERVIEW - The stock chart of Morepen Laboratories Ltd. on a daily timeframe, showing a breakout from a descending triangle pattern. This technical breakout, accompanied by higher trading volumes, suggests a bullish momentum in the stock price, as the resistance line has been breached decisively. The 50-day Simple Moving Average (SMA) below the price indicates a positive trend, further supporting the likelihood of upward movement. Traders may consider this breakout as a potential entry signal, provided the stock maintains its position above the breakout level and sustains volume. However, monitoring broader market conditions is advised for risk management.
NSE:MOREPENLABLong
by vivekspatil19
Time to Buy/Bottomfish #cochinship ?At this juncture cochin Shipyard offers good RR. From a deep price and Time correction, the stock formed a base and broke out of it and showing signs of reversal. A potential stage 2. The reasons for going long are as follows. -Stage 2 Breakout -Formed Double Bottom in DTF -Narrow Range candles with Dry Volume - Channel Breakout. Keep In mind: - Volumes need to improve. -Expect Shakeouts. Tweak the SL as per your risk appetite. Like I mentioned in the beginning, if this is a reversal then the reward will be high. As always- Please study the chart and do your due diligence. And please do not trade on any tips. Enter only if you understand the company, the chart and the price. #StocksInFocus
NSE:COCHINSHIPLong
by sagartharayil
IRCON - Long Term ViewThe chart shows a technical analysis of IRCON International Ltd on a daily timeframe. Here's an analysis based on the visible elements: 1. **Price Action** - **Downtrend:** The stock has been in a sustained downtrend for a few months, as indicated by the descending price channel (blue shaded area). - **Breakout Attempt:** Recently, the price seems to be testing or slightly breaking above the upper boundary of the descending channel, suggesting a potential reversal or breakout. 2. **Support and Resistance** - **Key Resistance Level:** ₹292.20 is marked as a significant resistance level. - **Key Support Level:** ₹175.29 is identified as a crucial support level. - These levels will likely act as turning points if the price moves toward them. 3. **RSI (Relative Strength Index)** - The RSI is at **53.77**, which is near the neutral zone (50). This indicates no strong overbought or oversold condition currently. - RSI above 50 could signal bullish momentum, especially if it continues rising. ### 4. **Volume** - The chart shows decent volume activity around the current price level. Volume confirmation will be critical for validating any breakout above the channel. ### 5. **Projection** - An upward trajectory is drawn (blue curve), potentially predicting recovery toward the ₹292.20 resistance zone and higher. --- ### **Trading Implications** - **Bullish View:** If the price sustains above the channel's upper boundary with increased volume, it could indicate the start of an uptrend. - **Bearish View:** Failure to break out or a drop below recent lows may lead to a retest of the ₹175.29 support level.
NSE:IRCONLong
by brijmohan_h