🔍 Chart Analysis
🏗️ Structure & Patterns
A perfect Cup & Handle formation is visible.
Price has broken out above the neckline (~₹98,000) but is currently in a pullback phase, forming the handle.
A falling wedge breakout is also seen prior to the breakout — a bullish continuation pattern.
📐 Fibonacci Retracement
0.382 level at ₹96,132
0.5 level at ₹95,132
These retracement levels align well with the handle zone and offer potential re-entry/buy levels.
🛡️ Key Support Levels
Level Description
₹98,000 Former resistance, now short-term support
₹96,132 38.2% Fib retracement
₹95,132 50% Fib retracement (also demand zone)
₹94,200 Major support
🔵 Note: Breakdown below ₹95,132 is bearish confirmation.
📊 RSI Analysis
RSI = 54.59, cooling off from overbought levels.
RSI has crossed below the RSI-based moving average (63.43), indicating temporary loss of momentum.
📈 Projected Path
The handle curve suggests a possible rebound after this pullback, targeting previous high ~₹99,358, and possibly ₹101,317 (height of cup projected upward).
✅ Summary
Category Observation
Pattern Bullish Cup & Handle with falling wedge breakout
Trend Bullish above ₹95,132; Weak only if closes below
Key Levels Support: ₹98,000 / ₹96,132 / ₹95,132 / ₹94,200
Resistance: ₹99,358 / ₹101,317
RSI Cooling down; not overbought; healthy retracement
Bias Bullish with pullback in progress; re-entry near ₹96k–95.1k zone
🧠 Final Thoughts
Pullbacks are healthy in bullish setups like this — watch for reversal signs near ₹96,132 or ₹95,132.
A daily close above ₹99,358 can trigger Cup & Handle target breakout toward ₹101,300+.
Maintain bullish bias unless ₹94,200 is breached.
🏗️ Structure & Patterns
A perfect Cup & Handle formation is visible.
Price has broken out above the neckline (~₹98,000) but is currently in a pullback phase, forming the handle.
A falling wedge breakout is also seen prior to the breakout — a bullish continuation pattern.
📐 Fibonacci Retracement
0.382 level at ₹96,132
0.5 level at ₹95,132
These retracement levels align well with the handle zone and offer potential re-entry/buy levels.
🛡️ Key Support Levels
Level Description
₹98,000 Former resistance, now short-term support
₹96,132 38.2% Fib retracement
₹95,132 50% Fib retracement (also demand zone)
₹94,200 Major support
🔵 Note: Breakdown below ₹95,132 is bearish confirmation.
📊 RSI Analysis
RSI = 54.59, cooling off from overbought levels.
RSI has crossed below the RSI-based moving average (63.43), indicating temporary loss of momentum.
📈 Projected Path
The handle curve suggests a possible rebound after this pullback, targeting previous high ~₹99,358, and possibly ₹101,317 (height of cup projected upward).
✅ Summary
Category Observation
Pattern Bullish Cup & Handle with falling wedge breakout
Trend Bullish above ₹95,132; Weak only if closes below
Key Levels Support: ₹98,000 / ₹96,132 / ₹95,132 / ₹94,200
Resistance: ₹99,358 / ₹101,317
RSI Cooling down; not overbought; healthy retracement
Bias Bullish with pullback in progress; re-entry near ₹96k–95.1k zone
🧠 Final Thoughts
Pullbacks are healthy in bullish setups like this — watch for reversal signs near ₹96,132 or ₹95,132.
A daily close above ₹99,358 can trigger Cup & Handle target breakout toward ₹101,300+.
Maintain bullish bias unless ₹94,200 is breached.
Trade active
Playing out as expected... wait and watch
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.