Rane Brake Lining - Monthly Chart - Ascending Channel - LongRane Brake Lining Ltd. (NSE: RBL) moving in a clear Ascending Channel with support at the bottom of the channel retested multiple times as shown in the chart.
The Price has again bounced after touching the bottom of the channel and RSI has a strong upward trajectory.
Key Points:
Ascending Channel: The stock has been trading within a well-defined ascending channel for several years. The price recently bounced off the lower boundary, affirming strong support at this level.
Key Support Levels: The chart highlights multiple instances where the stock has found strong support at the bottom of the channel, reinforcing the robustness of this upward trend. Each bounce off the lower boundary has led to significant upward movements.
Relative Strength Index (RSI): The RSI is trending upwards and currently stands at 63.9, indicating bullish momentum.
The price has also broken above the trendline on Weekly timeframe as shown above.
Disclosure: Invested at 960.15
Disclaimer: This analysis is for educational purposes and should not be considered financial advice. Always conduct your own research before making any investment decisions.
