The Stock Is Breaking Out Major Resistance With High Momentum ✅The stock has successfully broken out from a longterm descending trendline which had been acting as a resistance. The breakout signals a shift in trend from bearish to bullish indicating that the sellers are losing strength and buyers are now taking charge.
✅ The price has crossed above both the 100 EMA and 200 EMA showing a clear bullish crossover. This is a strong technical signal suggesting that the stock is ready for a potential upward rally. The fact that the price remained above these key EMAs after the breakout further confirms the strength of the move.
✅There was a noticeable increase in volume during the breakout highlighting strong buying interest. Such volume spikes typically signal institutional buying, which could lead to a sustained upward move. The volume also indicates that the breakout is genuine and has the potential to reach higher levels. The RSI is at 69 nearing the overbought zone but still maintaining bullish strength. While it indicates strong buying pressure, traders should keep an eye out for potential short-term pullbacks which can be used as opportunities to add positions.
✅The stock’s first resistance will be around 610 where some profit booking might occur. However a sustained move above this level will likely see the stock reaching 630 followed by 650 which aligns with previous highs.
✅The confluence of the trendline breakout and the EMA crossover suggests that Prakash Pipes Ltd is in a strong technical position. This could attract more traders to the stock leading to a further upward push. The breakout marks a major trend reversal and if the momentum continues we could see a steady climb toward the higher targets.
