Neutral Outlook on Waaree Renewable Technologies – Key Levels to
Neutral Outlook on Waaree Renewable Technologies – Key Levels to Watch
Waaree Renewable Technologies is currently forming a symmetrical triangle pattern after a significant downtrend, signaling potential consolidation. A key technical indicator, the bullish RSI divergence, suggests weakening downside momentum. The stock is also stabilizing near the 200-day moving average, a critical support level.
Upside Potential:
A confirmed breakout above ₹1,648.05, accompanied by strong volume, could push the stock towards the next resistance at ₹2,120.85, offering a potential upside of approximately 26%.
Downside Risk:
On the other hand, failure to hold the 200-day MA could lead to a breakdown below ₹1,248.00, potentially driving the stock down to the next support at ₹793.40, implying a 36% downside.
Given the technical setup, the stock remains in a neutral zone, and traders should watch for a breakout from the triangle for directional clarity.
Waaree Renewable Technologies is currently forming a symmetrical triangle pattern after a significant downtrend, signaling potential consolidation. A key technical indicator, the bullish RSI divergence, suggests weakening downside momentum. The stock is also stabilizing near the 200-day moving average, a critical support level.
Upside Potential:
A confirmed breakout above ₹1,648.05, accompanied by strong volume, could push the stock towards the next resistance at ₹2,120.85, offering a potential upside of approximately 26%.
Downside Risk:
On the other hand, failure to hold the 200-day MA could lead to a breakdown below ₹1,248.00, potentially driving the stock down to the next support at ₹793.40, implying a 36% downside.
Given the technical setup, the stock remains in a neutral zone, and traders should watch for a breakout from the triangle for directional clarity.
Trade closed: target reached
book at 2015
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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.