Neutral Outlook on Waaree Renewable Technologies – Key Levels toNeutral 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.