Everest Organics - Monthly - Ascending Channel - Bullish - LongEVEREST ORGANICS LTD. is exhibiting strong bullish signals on the monthly chart. Here is a detailed analysis of the key technical indicators and potential future movements:
Ascending Channel:
The stock has been trading within a well-defined ascending channel since early 2016.
Support: The lower channel line has provided consistent support, marked by multiple bounces.
Resistance: The upper channel line acts as resistance, tested multiple times.
Recent Price Action:
The stock recently bounced off the lower channel support around 120 INR and is showing signs of upward movement.
This bounce indicates a potential continuation towards the mid-channel and upper-channel resistance levels.
RSI Analysis:
The Relative Strength Index (RSI) is currently at 57.59, indicating bullish momentum.
The RSI has been trending upwards, suggesting increasing buying pressure and potential for further gains.
Disclosure: Invested at 149
Disclaimer: This analysis is for educational purposes and should not be considered financial advice. Always conduct your own research before making any investment decisions.
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