swing1. Price Action
The candlesticks show daily price movements:
Green Candles: Indicate the price closed higher than it opened (bullish).
Red Candles: Indicate the price closed lower than it opened (bearish).
2. Downward Trendline
A black diagonal line is drawn connecting the lower highs from previous price action.
This indicates a downward trend or resistance level where the stock was unable to break above previously.
3. Recent Breakout
The most recent candlestick has broken above the trendline, closing at ₹792.60, a +5.59% gain.
This breakout suggests that the downward trend might be reversing, and buyers are gaining control.
4. Support and Resistance
Resistance: The trendline acted as a resistance level. Breaking above it may lead to further upside momentum.
Support: Previous lows (around ₹680–₹700) act as strong support.
5. Implication
A breakout above a trendline often signals the beginning of a bullish trend, especially if followed by strong volume and further price action.
Traders might watch for confirmation (price sustaining above the trendline) to enter long positions.
Key Points to Monitor
Look for the stock to maintain above ₹790–₹800.
Watch volume levels to confirm the strength of the breakout.
Immediate resistance levels could be around ₹820–₹850 based on prior highs.
