Key Observations:
Symmetrical Triangle Pattern:
The price was consolidating within a symmetrical triangle, marked by:
Descending trendline (upper resistance)
Ascending trendline (lower support)
Breakout:
On May 15, 2025, the stock broke out above the descending trendline with a strong bullish candle.
The breakout is accompanied by a significant increase in volume (5.3M), which validates the breakout strength.
Price Movement:
The stock closed at ₹77.04, up 9.56% for the day.
This strong move above resistance suggests the beginning of a potential uptrend.
Technical Implications:
Bullish Signal: The breakout from a consolidation pattern with high volume is a classic bullish indicator.
Resistance Turned Support: The breakout level around ₹68-₹70 could now act as a support zone.
Upside Targets (based on pattern height):
Approximate height of triangle: ₹88 (peak) - ₹58 (base) = ₹30
Projected target = Breakout level (₹70) + ₹30 = ₹100 (short- to medium-term target)
Conclusion:
This is a bullish breakout setup. Traders might consider this a buy signal with potential targets around ₹90–₹100, and a stop-loss near ₹68 to manage risk.
Symmetrical Triangle Pattern:
The price was consolidating within a symmetrical triangle, marked by:
Descending trendline (upper resistance)
Ascending trendline (lower support)
Breakout:
On May 15, 2025, the stock broke out above the descending trendline with a strong bullish candle.
The breakout is accompanied by a significant increase in volume (5.3M), which validates the breakout strength.
Price Movement:
The stock closed at ₹77.04, up 9.56% for the day.
This strong move above resistance suggests the beginning of a potential uptrend.
Technical Implications:
Bullish Signal: The breakout from a consolidation pattern with high volume is a classic bullish indicator.
Resistance Turned Support: The breakout level around ₹68-₹70 could now act as a support zone.
Upside Targets (based on pattern height):
Approximate height of triangle: ₹88 (peak) - ₹58 (base) = ₹30
Projected target = Breakout level (₹70) + ₹30 = ₹100 (short- to medium-term target)
Conclusion:
This is a bullish breakout setup. Traders might consider this a buy signal with potential targets around ₹90–₹100, and a stop-loss near ₹68 to manage risk.
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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.
Related publications
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.