The chart represents a technical analysis of Prakash Industries Ltd. on a weekly time frame from the NSE (National Stock Exchange of India). Here are the key takeaways from the analysis:
Elliott Wave Analysis
The chart follows Elliott Wave Theory, with waves 1 to 5 labeled.
The stock appears to be in Wave 4 consolidation, preparing for a potential Wave 5 rally.
Cup and Handle Formation
A large cup and handle pattern is visible, suggesting a bullish breakout potential.
Fibonacci Retracement Levels
The 0.5 Fibonacci retracement level (142.29) is a key support area.
The stock is consolidating around this zone, potentially forming a base.
Resistance & Support Levels
Resistance: Around 183.84 (red line) and 239.90 (previous high).
Support: Around 140.00, which aligns with Elliott Wave Wave 4 bottom.
Target Projection
If the stock follows Elliott Wave principles, the next target is around 329.15 (marked in green).
This suggests a potential bullish move, provided it breaks key resistance levels.
Summary:
Current Status: Consolidating within a range.
Trend: Bullish outlook if it holds support and breaks resistance.
Key Watch Levels: 140 as support, 183.84 as resistance, 329.15 as a target.
Risk: If the price breaks below 140, the bullish setup might weaken.
Elliott Wave Analysis
The chart follows Elliott Wave Theory, with waves 1 to 5 labeled.
The stock appears to be in Wave 4 consolidation, preparing for a potential Wave 5 rally.
Cup and Handle Formation
A large cup and handle pattern is visible, suggesting a bullish breakout potential.
Fibonacci Retracement Levels
The 0.5 Fibonacci retracement level (142.29) is a key support area.
The stock is consolidating around this zone, potentially forming a base.
Resistance & Support Levels
Resistance: Around 183.84 (red line) and 239.90 (previous high).
Support: Around 140.00, which aligns with Elliott Wave Wave 4 bottom.
Target Projection
If the stock follows Elliott Wave principles, the next target is around 329.15 (marked in green).
This suggests a potential bullish move, provided it breaks key resistance levels.
Summary:
Current Status: Consolidating within a range.
Trend: Bullish outlook if it holds support and breaks resistance.
Key Watch Levels: 140 as support, 183.84 as resistance, 329.15 as a target.
Risk: If the price breaks below 140, the bullish setup might weaken.
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.