Technical analysis of Speciality RestaurantsThe chart shows a promising trading opportunity in Speciality Restaurants with a potential upside, following a significant breakout supported by strong volume. The current setup indicates a favorable risk-to-reward ratio, making it an attractive entry for swing traders.
Chart Details:Time Frame: 1-hour
Instrument: Speciality Restaurants
Current Price: ₹184.00
Previous Close: ₹184.00 (0.00%)
Technical Analysis:Breakout Confirmation:The price has recently broken out above the ₹180.19 level, which previously acted as a resistance. This level is now serving as a strong support, confirmed by the price retesting it and bouncing back.
Volume Analysis:A significant volume spike was observed during the breakout, indicating strong buying interest. The volume during the breakout was substantially higher than the average, adding credibility to the breakout.
Support & Resistance Levels:Support: The key support is around ₹180.19, where the price has shown resilience.
Resistance: The immediate resistance is around ₹211.68, which could be the next target if the bullish momentum continues.
Risk-to-Reward Ratio:Entry: The current price around ₹184.00 is a good entry point, close to the support level.
Stop-Loss: A stop-loss can be placed just below the ₹180.19 support, around ₹178.00, to limit downside risk.
Target: The target for this setup is around ₹211.68, offering a solid risk-to-reward ratio.
Indicator Analysis:
SuperTrend: The SuperTrend indicator on this chart likely confirms the bullish trend as the price is well above the indicator line, suggesting that the trend is still intact.
Conclusion: Speciality Restaurants is showing strong bullish signs with a confirmed breakout and significant volume support. The risk-to-reward ratio is favorable, with a strong support level near ₹180.19. Traders looking for a swing trade opportunity may consider entering around the current price of ₹184.00, with a target near ₹211.68 and a stop-loss below ₹178.00.
