Stock is trading in bullish momentum with RSI indicators all above 60 on Daily, Weekly and Monthly timeframe.
Consolidation happens in last 3-4 weeks around 23.6% Fibonacci retracement from the last swing low.
Then gives good breakout from the consolidation range in this week with good volume on the weekly chart.
Maruti is on the verge of breaking Cup with handle reversal pattern on Weekly chart. Monthly and Weekly rsi also showing strength approaching 60 with increasing volumes.
Please note this is just a educational information and not any buy or sell call.
Considerable volume activity seen in last 2-3 weeks....momentum indicator RSI is also seen above 60 on weekly chart.
Also one prominent thing needs to be noted here is 59-60 is very strong resistance seen on this chart.
If crosses this neckline with good volumes then 66-70 can be seen in near future.
Monthly reversal Bullish Head and Shoulder pattern emerging on the monthly chart of JTEKTINDIA.
Daily and weekly rsi above 60 also showing strong momentum in the stock. Currently stock is trading at neckline, if the neckline breaks with strong volumes then we can see big rally in this stock.
Please note this is just a educational information.
Multi week Neckline of classic Head and Shoulder pattern is in the area of 145-148, chances of strong break out with good volumes in coming days as the momentum indicators like Monthly, Weekly, Daily RSI moving above 60 showing strength.