Trend & Structure:
Price has broken out of a long-term falling trendline, indicating a potential trend reversal.
Immediate resistance at ₹65 has been cleared, suggesting bullish momentum.
Breakout level is marked and retested, forming a higher low, adding confirmation to the uptrend.
Volume:
Breakout is accompanied by rising volume, a positive sign of strength and confirmation of buyer interest.
RSI (14):
RSI is currently at 67.28, approaching the overbought zone (above 70).
No visible bearish divergence yet, but worth watching near ₹88 levels.
Key Levels:
✅ Support: ₹60 (strong base, also marked as Stoploss)
✅ Breakout Level: Around ₹65 (previous resistance, now support)
🚩 Next Resistance Zones:
₹88 (significant supply zone)
₹111 (major resistance)
✅ What's Good (Strengths):
Clear breakout above trendline and prior resistance.
Volume confirms breakout strength.
RSI shows momentum favoring bulls.
Well-marked stop loss and resistance levels.
Price action forming higher lows and attempting to form higher highs – early sign of uptrend initiation.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.