KPGEL Diwali Pick 2024Stock Analysis and Trade Setup
This chart shows the stock breaking out of a long-term downward channel, suggesting a potential trend reversal:
• Bullish Setup : The price has broken above the descending channel, indicating bullish momentum. A strong consolidation above the support level around 631.1 could confirm this breakout. If the price maintains this upward trend, the next resistance at 716.75 would be the primary target, followed by further gains if momentum persists.
• Bearish Scenario : If the price fails to hold above 631.1, there could be a retest of lower levels. Watch for a potential short entry below the key support level at 525.9, as a breakdown could signal a continuation of the downtrend.
The RSI indicates room for further upside, and increasing volume supports the bullish breakout. Monitor these levels closely for entry and exit signals.
Disclaimer: This analysis is for educational purposes only. Please conduct your own research before making any trading decisions.
