SAFARI IND (INDIA) LTDPanjang
tourism stock
Key Observations:
1. **Uptrend Confirmation**:
The chart is showing an overall uptrend from around May 2024, as indicated by the purple trendline connecting the higher lows.
The green candlestick from the previous week (second to last candle) broke above a significant resistance level around ₹2,320.90, confirming the continuation of the uptrend.
2. **Last Three Candles**:
**First Candle (3rd last)**: This is a small green candle with a long upper wick, indicating that there was significant selling pressure near the top. Buyers pushed the price up, but sellers managed to push it back down, reducing the gains.
**Second Candle (2nd last)**: This is a strong green candle with a significant increase in volume. The price broke above the previous resistance level of ₹2,320.90, showing strong bullish momentum. The long body of the candle and the closing near the high indicate strong buying interest.
**Third Candle (Last candle)**: The most recent candle also shows strong buying interest with a significant gain (+4.26%). This candle opens near the previous candle's close and moves higher, forming a continuation pattern. This suggests that the bullish sentiment remains strong, with no immediate reversal signals.
3. **Volume Analysis**:
The volume is significantly higher in the weeks corresponding to the last two green candles, particularly the large green candle (2nd last), which is a bullish sign. Higher volume on upward movement indicates strong buying interest.
### Conclusion:
The last three candles together form a strong bullish continuation pattern. The breakout above the previous resistance level of ₹2,320.90, supported by increasing volume, suggests the stock is likely to continue its upward trend in the short to medium term.
The price action shows increasing confidence among buyers, and unless there is a reversal signal, the trend could continue towards the next resistance level, potentially around ₹2,500 or higher.
If you're considering an investment or trade, monitoring the next few candles and ensuring that the support level around ₹2,320.90 holds could be crucial.
no recommendation to buy or sell
1. **Uptrend Confirmation**:
The chart is showing an overall uptrend from around May 2024, as indicated by the purple trendline connecting the higher lows.
The green candlestick from the previous week (second to last candle) broke above a significant resistance level around ₹2,320.90, confirming the continuation of the uptrend.
2. **Last Three Candles**:
**First Candle (3rd last)**: This is a small green candle with a long upper wick, indicating that there was significant selling pressure near the top. Buyers pushed the price up, but sellers managed to push it back down, reducing the gains.
**Second Candle (2nd last)**: This is a strong green candle with a significant increase in volume. The price broke above the previous resistance level of ₹2,320.90, showing strong bullish momentum. The long body of the candle and the closing near the high indicate strong buying interest.
**Third Candle (Last candle)**: The most recent candle also shows strong buying interest with a significant gain (+4.26%). This candle opens near the previous candle's close and moves higher, forming a continuation pattern. This suggests that the bullish sentiment remains strong, with no immediate reversal signals.
3. **Volume Analysis**:
The volume is significantly higher in the weeks corresponding to the last two green candles, particularly the large green candle (2nd last), which is a bullish sign. Higher volume on upward movement indicates strong buying interest.
### Conclusion:
The last three candles together form a strong bullish continuation pattern. The breakout above the previous resistance level of ₹2,320.90, supported by increasing volume, suggests the stock is likely to continue its upward trend in the short to medium term.
The price action shows increasing confidence among buyers, and unless there is a reversal signal, the trend could continue towards the next resistance level, potentially around ₹2,500 or higher.
If you're considering an investment or trade, monitoring the next few candles and ensuring that the support level around ₹2,320.90 holds could be crucial.
no recommendation to buy or sell
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.