EPL Breaking Out of a Long-Term Downtrend with Bullish Momentum

11 Ogo 2024

✅The stock has broken out of a long-term descending triangle pattern, which is typically a bearish formation, but the breakout to the upside signals a potential trend reversal. This breakout suggests a shift in market sentiment from bearish to bullish, and it could lead to a strong upward move.

✅The stock has established a solid support level near ₹200, which has held during multiple retests. This support level, combined with the breakout from the descending triangle, adds strength to the bullish outlook.

✅ The breakout from the descending triangle is supported by an increase in volume, indicating that the market is validating this move. A surge in volume during a breakout is a strong indicator that the price movement is backed by significant buying interest.

✅ The RSI is currently at 58 indicating that the stock is gaining bullish momentum. While the RSI is not yet overbought, it is moving in that direction, suggesting that there is still room for further upside before any potential pullback.

22 Ogo 2024

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