NAHARCAP Trend Reversal: After a prolonged downtrend from mid-2022 to late 2023, the price has entered a consolidation phase. The recent breakout above the resistance level and alignment of TEMA lines confirm the start of a potential uptrend.
Bullish Momentum: The current weekly candle shows strong bullish momentum, supported by the TEMA alignment and rising RSI. This indicates that buyers are in control.
Future Upmove Potential:
If the price sustains above ₹370, it could aim for higher levels near ₹400–₹450, as there is minimal resistance between these levels.
Long-term potential could revisit previous highs near ₹500–₹600, provided the momentum sustains.
Risks to Consider:
Overbought Conditions: RSI nearing 70 indicates that the stock might consolidate or correct in the short term.
Support Levels: Immediate supports are around ₹320–₹325 (near TEMA 20) and ₹310 (TEMA 50). A fall below these levels could negate the bullish setup.
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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.