SASKEN - Base On Base BreakoutThe stock has formed a 126-week rounding bottom pattern, indicating a long-term bullish reversal.
This classic pattern suggests a shift in sentiment from bearish to bullish.
Breakout Confirmation:
The breakout occurred above the major resistance level of ₹1,750, supported by a significant rise in volume, validating the bullish move.
Post-Breakout Consolidation:
After the breakout, the stock consolidated for 38 weeks, forming a base. This indicates accumulation and a healthy continuation of the uptrend.
Support and Resistance:
Support: The ₹1,750 level, which acted as resistance during the pattern, is now a strong support zone.
Targets:
Target 1: ₹2,202.90
Target 2: ₹2,352.95
Target 3: ₹2,575.90
Volume Analysis:
The breakout was accompanied by a spike in volume, signaling institutional participation.
Sustained volume is crucial for further upward movement.
Trend Projection:
The stock is likely to continue its upward trajectory, as shown in the chart’s projected path.
Minor pullbacks may occur, but the overall trend remains bullish as long as support levels hold.
