🔍 CHART ANALYSIS (Weekly Timeframe)
🟩 Trend & Price Structure:
Long-term uptrend is intact (since 2020), though it underwent a correction starting in 2022.
Price has respected a trendline support (dotted black), but recently broke below it and is now attempting a reclaim.
There’s a clear breakout from a falling wedge (pink trendline), which is a bullish reversal pattern.
📊 Key Levels:
Level Significance
₹1111 Historical support (marked as 3-year SL)
₹1300 New proposed stoploss post-breakout
₹1376 Previous resistance zone (now near breakout zone)
₹1608 Recent high (multi-month resistance)
₹2101 Fibonacci 1.618 extension target
₹2060 1.618 fib extension (confirmed by label)
📈 Fibonacci Analysis:
Fibonacci extension from previous impulse wave projects 1.618 at ~₹2060–₹2101.
If ₹1608 is crossed with volume, next rally toward ₹2060–2100 looks probable.
🔁 RSI (Momentum):
RSI (14) = 62.02 – momentum is bullish but not overbought.
No bearish divergence visible; RSI supports bullish continuation.
🔔 Volume Observation:
Last few bullish candles show healthy volume participation, especially in breakout areas.
Indicates smart money interest returning.
✅ SUMMARY OF INTERPRETATION:
✅ Breakout from falling wedge – positive signal.
✅ Reclaiming broken long-term trendline.
✅ New stoploss of ₹1300 is reasonable for medium-term.
✅ ₹1111 stoploss is ideal for long-term investor (3+ years), marking major structural low.
🚀 Potential target = ₹2100+ based on Fibonacci projection.
🟩 Trend & Price Structure:
Long-term uptrend is intact (since 2020), though it underwent a correction starting in 2022.
Price has respected a trendline support (dotted black), but recently broke below it and is now attempting a reclaim.
There’s a clear breakout from a falling wedge (pink trendline), which is a bullish reversal pattern.
📊 Key Levels:
Level Significance
₹1111 Historical support (marked as 3-year SL)
₹1300 New proposed stoploss post-breakout
₹1376 Previous resistance zone (now near breakout zone)
₹1608 Recent high (multi-month resistance)
₹2101 Fibonacci 1.618 extension target
₹2060 1.618 fib extension (confirmed by label)
📈 Fibonacci Analysis:
Fibonacci extension from previous impulse wave projects 1.618 at ~₹2060–₹2101.
If ₹1608 is crossed with volume, next rally toward ₹2060–2100 looks probable.
🔁 RSI (Momentum):
RSI (14) = 62.02 – momentum is bullish but not overbought.
No bearish divergence visible; RSI supports bullish continuation.
🔔 Volume Observation:
Last few bullish candles show healthy volume participation, especially in breakout areas.
Indicates smart money interest returning.
✅ SUMMARY OF INTERPRETATION:
✅ Breakout from falling wedge – positive signal.
✅ Reclaiming broken long-term trendline.
✅ New stoploss of ₹1300 is reasonable for medium-term.
✅ ₹1111 stoploss is ideal for long-term investor (3+ years), marking major structural low.
🚀 Potential target = ₹2100+ based on Fibonacci projection.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.