Cholamandalam: Trendline Breakout with Bullish Momentum
Cholamandalam is showing a strong trendline breakout, trading at ₹1,320.25, up by 3.83% for the day. Here's a closer look at the recent price action:
📈 Technical Insights:
Downtrend Break: The stock has broken a long-standing downward trendline, suggesting a shift in market sentiment.
Volume Surge: A notable increase in volume (4.58M) indicates strong participation.
RSI in Bullish Zone: RSI has crossed above 61, reflecting improving momentum.
🟢 Key Levels to Watch:
Resistance Zone: ₹1,350
Support Zone: ₹1,280 (trendline retest)
💡 OutLook: The breakout and accompanying volume suggest increased interest in the stock, which could pave the way for further movement. You may monitor the key levels for confirmation of sustained momentum or potential retracement.
📈 Technical Insights:
Downtrend Break: The stock has broken a long-standing downward trendline, suggesting a shift in market sentiment.
Volume Surge: A notable increase in volume (4.58M) indicates strong participation.
RSI in Bullish Zone: RSI has crossed above 61, reflecting improving momentum.
🟢 Key Levels to Watch:
Resistance Zone: ₹1,350
Support Zone: ₹1,280 (trendline retest)
💡 OutLook: The breakout and accompanying volume suggest increased interest in the stock, which could pave the way for further movement. You may monitor the key levels for confirmation of sustained momentum or potential retracement.
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