PRAKASH INDUSTRIES- COME-ON LIT OUR LIVES!!Chart Analysis & Summary:
Stock Overview:
Stock: Bhagyanagar India Ltd (NSE)
Current Price: ₹71.60
Change: -₹3.47 (-4.62%)
Timeframe: Weekly (1W)
Technical Levels & Fibonacci Retracement:
Resistance & Highs:
Recent high at ₹163.30.
Another key level around ₹128.89.
Fibonacci Levels:
0.5 retracement at ₹81.19.
0.618 retracement at ₹70.16 (a critical support level).
Current Support Zones:
Strong support around ₹63.66 - ₹60.02 (highlighted in orange).
Trend & Price Action:
Price broke below a green trendline indicating a loss of bullish momentum.
Now testing the 0.618 Fibonacci retracement (₹70.16), a key area where price might react.
If this level breaks, further downside toward ₹63.66 - ₹60.02 is possible.
RSI (Relative Strength Index) Analysis:
Current RSI: 31.83 (near the oversold zone of 30).
RSI Moving Average: 41.65.
This suggests the stock is approaching oversold territory, indicating a potential bounce if buyers step in.
Conclusion & Possible Scenarios:
Bullish Scenario: If price holds ₹70-₹63, a rebound could occur with targets toward ₹81 - ₹100.
Bearish Scenario: If support at ₹60 fails, the next major downside could be toward ₹38.13 or lower.
Watch for: RSI reversal, price action near ₹70, and volume confirmation.
Would you like a more detailed trading strategy based on this?
Chart Analysis & Summary:
Stock Overview:
Stock: Prakash Industries Ltd (NSE)
Current Price: ₹133.49
Change: -₹8.74 (-6.14%)
Timeframe: Weekly (1W)
Key Technical Levels:
Major Resistance:
₹183.84 (strong resistance level).
₹239.90 (previous high).
₹329.15 (long-term bullish target).
Support Levels:
₹142.29 (Fibonacci 0.5 retracement, broken).
Current price is near ₹128-130 (potential support zone).
Trendline Support: Further downside could test trendline near ₹100.
Elliott Wave Analysis:
The chart follows an Elliott Wave structure.
Currently in Wave 4 correction after a strong Wave 3 rally.
Wave 5 projection suggests an upside target near ₹329 if Wave 4 holds support.
RSI (Relative Strength Index) Analysis:
Current RSI: 37.94 (weak, but not fully oversold yet).
RSI Moving Average: 43.82.
RSI is in a downtrend, indicating weak momentum.
Conclusion & Possible Scenarios:
Bullish Scenario: If price holds ₹128-130 support, a reversal toward ₹183, ₹240, or higher could occur.
Bearish Scenario: If price breaks below ₹128, it may test ₹100 or lower.
Watch for: Reversal signals, RSI improvement, and break above ₹142 for bullish confirmation.
