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ALPA -Cup and Handle -Breakout -Daily -Unusual VolumeAnalysis of ALPA Laboratories Chart: Cup and Handle Pattern: The chart shows a well-defined cup and handle formation, which is a bullish continuation pattern. The cup part indicates a rounded bottom consolidation, while the handle signifies a short-term correction or pullback before the breakout. The depth of the cup highlights a significant period of accumulation, followed by a breakout. The pattern started in early 2022 and was completed by 2023. Shakeout & Volume Analysis: The chart highlights that there was no significant volume during the breakout, leading to what is referred to as a "shakeout or false breakout." This indicates that weak hands were shaken off before the stock eventually surged. However, the chart marks a retest after the shakeout, during which the stock bounced back with huge volume. This volume surge indicates strong buying pressure and institutional accumulation, validating the breakout as genuine. Price Targets: Based on the cup and handle pattern, the projected price target for the stock is 170 INR, as noted in the chart. The price target calculation is typically done by measuring the depth of the cup and adding it to the breakout point, which appears to align with the chart's projection. Recent Breakout: The stock has recently broken out above a resistance level of 108.82 INR, with a strong surge in volume, indicating the potential for further upward momentum. The breakout shows clear upward movement, with the stock currently trading at around 132 INR, gaining around 19.28% for the day. Current Resistance and Support: Resistance is noted at around 170 INR, as the price target based on the breakout. Support lies around 108.82 INR, where the retest and bounce occurred, providing a strong support level going forward. Conclusion: ALPA Laboratories has shown a strong bullish breakout following a textbook cup and handle pattern. The significant volume during the retest and breakout indicates that the stock may have more upside, with a target of 170 INR in the coming weeks or months.
NSE:ALPALong
by VCharts_TA
AMBER - Cup and Handle -Breakout - Good Vol -Daily Here's an analysis of the key features: 1. Overall Pattern: The stock has formed a large cup and handle pattern over the past year, with the handle recently completing. 2. Recent Price Action: - The stock has broken out of the cup and handle pattern with a significant bullish move. - Current price is 4,994.65 INR, up 14.88% on the day, indicating strong buying pressure. 3. Key Levels: - A major resistance level at around 4,633.90 INR has been broken, which could now act as support. - The previous high of 5,187.95 INR (marked as "High" on the chart) has been surpassed. 4. Volume: - There's a substantial spike in trading volume coinciding with the breakout, supporting the bullish move. - The volume is significantly above the volume moving average, indicating strong buying interest. 5. Price Targets: - The chart shows a potential long-term target of 6,281.05 INR. - This target represents a potential gain of 35.42% from the breakout point. 6. Support Levels: - The previous resistance at 4,633.90 INR should now act as support. - There's another support level at 4,382.00 INR, which was the low of the breakout candle formation. - There's another support at 4,006 INR, which is low of the box formation. 7. RSI (Relative Strength Index): - The RSI at the bottom of the chart shows an uptick, confirming the bullish momentum. - However, it's not in extremely overbought territory, suggesting there might still be room for further upside. 8. Historical Context: - The stock has been in an overall uptrend since late 2023, with the cup and handle formation developing over this period. - The current move represents a significant breakout from this pattern. Overall, the chart presents a bullish outlook for Amber Enterprises (I) Ltd. The breakout from the cup and handle pattern, supported by high volume, suggests potential for further upside. The next key level to watch would be the target at 6,281.05 INR. However, traders should be cautious of potential short-term pullbacks due to: 1. The large single-day move (14.88%) 2. The stock being at all-time highs, which could lead to some profit-taking It would be prudent to watch for how the stock behaves around the current level and whether it can hold above the broken resistance at 4,633.90 INR in case of a pullback. The strength of the move and the volume supporting it suggest that any pullbacks might be seen as buying opportunities by the market.
NSE:AMBERLong
by VCharts_TA