This chart shows the price movement of Sarda Energy & Minerals Ltd. (SARDAEN) on a daily timeframe. Here’s the analysis:
1. Cup and Handle Formation:
• The green curve indicates a cup pattern, which is typically a bullish continuation signal.
• The smaller blue descending channel following the cup indicates a potential handle formation.
2. Breakout Potential:
• The stock appears to have broken out of the handle’s resistance, which is often a strong buy signal in technical analysis.
• The price is approaching or surpassing the previous high at ₹525, which could act as resistance.
3. Volume Spike:
• A significant spike in volume suggests strong participation, supporting the breakout’s validity.
4. Support and Resistance Levels:
• Support: Around ₹460-₹480, the lower end of the handle.
• Resistance: Around ₹525 (recent high).
5. Trend:
• The overall trend looks bullish with higher highs and higher lows.
6. Indicators to Monitor:
• Watch for a retest of the breakout level (₹480) to confirm the trend.
• Keep an eye on momentum indicators (e.g., RSI) to ensure the breakout isn’t overbought.
1. Cup and Handle Formation:
• The green curve indicates a cup pattern, which is typically a bullish continuation signal.
• The smaller blue descending channel following the cup indicates a potential handle formation.
2. Breakout Potential:
• The stock appears to have broken out of the handle’s resistance, which is often a strong buy signal in technical analysis.
• The price is approaching or surpassing the previous high at ₹525, which could act as resistance.
3. Volume Spike:
• A significant spike in volume suggests strong participation, supporting the breakout’s validity.
4. Support and Resistance Levels:
• Support: Around ₹460-₹480, the lower end of the handle.
• Resistance: Around ₹525 (recent high).
5. Trend:
• The overall trend looks bullish with higher highs and higher lows.
6. Indicators to Monitor:
• Watch for a retest of the breakout level (₹480) to confirm the trend.
• Keep an eye on momentum indicators (e.g., RSI) to ensure the breakout isn’t overbought.
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.