RAINBOW | Cup and Handle | Breakout | Daily
### 📊 **Technical Analysis Summary:**
#### 🔹 **Chart Pattern:**
* The chart displays a **classic Cup and Handle** pattern.
* The breakout level is clearly marked at **₹1,445**, which has now been crossed.
#### 🔹 **Breakout Confirmation:**
* Price closed at **₹1,458.20**, above the neckline zone (₹1,445), confirming breakout.
* A potential upside move of **₹136.90** (approx. 9.47%) is projected from the breakout.
#### 🔹 **Pattern Target:**
* Target = ₹1,445 (breakout point) + ₹136.90 = **₹1,583**
#### 🔹 **Trendline Resistance:**
* The stock is approaching the **upper yellow trendline**, which could act as a short-term resistance near the ₹1,580 level.
#### 🔹 **Volume:**
* Volume has picked up slightly during the right side of the cup and breakout candle, supporting bullish sentiment.
#### 🔹 **RSI Indicator:**
* RSI is currently at **60.12**, breaking into bullish territory.
* No major divergence; momentum looks favorable.
---
### 🎯 **Levels to Watch:**
| Type | Price (₹) |
| ------------------------ | ----------- |
| **Breakout Level** | 1,445 |
| **Current Price** | 1,458.20 |
| **Target** | 1,583 |
| **Support** | 1,446–1,445 |
| **Trendline Resistance** | \~1,515/1520 |
---
### ✅ **Conclusion:**
RAINBOW has confirmed a bullish **Cup and Handle breakout**, with:
* Price > neckline
* Volume support
* RSI momentum
As long as ₹1,445 holds, the stock remains bullish with a **target of ₹1,583** in the short to medium term.
---
