📌 Pattern Observed:
Strong breakout above horizontal resistance zone ₹573–₹584. The breakout candle is large and bullish, invalidating past supply pressure. Clear horizontal resistance breakout setup.
📈 Volume Analysis:
Volume spike during breakout confirms participation from smart money and institutions. Adds conviction to the move.
💹 Price Action:
Weekly close at ₹598.85, up +26.03%. Strong bullish candle with close near the high. Indicates aggressive buying throughout the week.
🔁 Support & Resistance:
Support: ₹573–₹584 (previous resistance).
Immediate Resistance: ₹600 (psychological), followed by ₹650–₹680 based on historical supply zones.
📊 Indicators & Signals:
No indicators plotted, but price structure and volume alone confirm strength. Bullish momentum visible.
✅ Conclusion / Trade Idea:
Bias: Bullish
Entry Zone: ₹580–₹590 (on dip)
Stop Loss: Below ₹570
Targets: ₹650 (short term), ₹700+ (medium term if momentum sustains)
Strong breakout above horizontal resistance zone ₹573–₹584. The breakout candle is large and bullish, invalidating past supply pressure. Clear horizontal resistance breakout setup.
📈 Volume Analysis:
Volume spike during breakout confirms participation from smart money and institutions. Adds conviction to the move.
💹 Price Action:
Weekly close at ₹598.85, up +26.03%. Strong bullish candle with close near the high. Indicates aggressive buying throughout the week.
🔁 Support & Resistance:
Support: ₹573–₹584 (previous resistance).
Immediate Resistance: ₹600 (psychological), followed by ₹650–₹680 based on historical supply zones.
📊 Indicators & Signals:
No indicators plotted, but price structure and volume alone confirm strength. Bullish momentum visible.
✅ Conclusion / Trade Idea:
Bias: Bullish
Entry Zone: ₹580–₹590 (on dip)
Stop Loss: Below ₹570
Targets: ₹650 (short term), ₹700+ (medium term if momentum sustains)
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.