Chart Patterns Identified:
Triangle Pattern (2021–2022)
A consolidation phase followed by a breakout.
Rising Wedge (2022)
A bearish reversal pattern, which led to a breakdown.
Falling Wedge (Late 2022)
A bullish reversal pattern that resulted in an upward breakout.
Double Top Pattern (2024)
Top 1 & Top 2 indicate a potential bearish reversal.
Breakdown from neckline suggests a bearish target around ₹800.
Technical Indicators:
MACD (Moving Average Convergence Divergence):
MACD line (blue) is above the signal line (orange), indicating bullish momentum.
Positive histogram bars further support bullishness.
RSI (Relative Strength Index):
RSI is currently around 60.60, suggesting moderate strength.
It's not in the overbought zone (>70), indicating more room for upside.
EMA (10-Week):
Current price is above the 10-week EMA (₹1107.34), confirming short-term bullishness.
Volume:
Recent candles show moderate volume, with no extreme spikes. Volume confirmation of breakouts is modest.
Conclusion:
The stock has shown a bullish breakout from a falling wedge and is trading above key moving averages.
However, the double top formation from 2024 indicates a potential bearish target if support levels are breached.
RSI and MACD support the current bullish move, but caution is advised around resistance zones near ₹1200.
Triangle Pattern (2021–2022)
A consolidation phase followed by a breakout.
Rising Wedge (2022)
A bearish reversal pattern, which led to a breakdown.
Falling Wedge (Late 2022)
A bullish reversal pattern that resulted in an upward breakout.
Double Top Pattern (2024)
Top 1 & Top 2 indicate a potential bearish reversal.
Breakdown from neckline suggests a bearish target around ₹800.
Technical Indicators:
MACD (Moving Average Convergence Divergence):
MACD line (blue) is above the signal line (orange), indicating bullish momentum.
Positive histogram bars further support bullishness.
RSI (Relative Strength Index):
RSI is currently around 60.60, suggesting moderate strength.
It's not in the overbought zone (>70), indicating more room for upside.
EMA (10-Week):
Current price is above the 10-week EMA (₹1107.34), confirming short-term bullishness.
Volume:
Recent candles show moderate volume, with no extreme spikes. Volume confirmation of breakouts is modest.
Conclusion:
The stock has shown a bullish breakout from a falling wedge and is trading above key moving averages.
However, the double top formation from 2024 indicates a potential bearish target if support levels are breached.
RSI and MACD support the current bullish move, but caution is advised around resistance zones near ₹1200.
Ramesh Raju
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.
Ramesh Raju
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.