OLECTRA Greentech Ltd. has garnered significant interest recently, following the Government of India's announcement of an incentive scheme for electric vehicles (EVs). This development has positively impacted the stock's performance.Key Observations:
1. Resistance Turned Support: The ₹1640 level, previously a resistance point, has been successfully retested and converted into support (June retest). The stock has since maintained an upward trajectory.
2. MACD Crossover: A bullish MACD crossover is imminent on the weekly chart, indicating building momentum.
3. Swing High Target: A successful crossover could propel the stock towards its previous swing high levels in the coming weeks.
Recommendation:
If the MACD crossover materializes, it could signal a continuation of the upward trend. Investors should monitor the market conditions closely to ensure the trade setup aligns with the anticipated plan.
Disclaimer: This analysis is for informational purposes only and should not be considered as investment advice. Please conduct thorough research and consult with a financial advisor before making any investment decisions.
Note
Correction - Resistance Turned Support @ 1460 levels and not 1640.
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.