Chart Patterns Identified:
Triangle Pattern (2021–2022)
A consolidation phase followed by a breakout.
Rising Wedge (2022)
A bearish reversal pattern, which led to a breakdown.
Falling Wedge (Late 2022)
A bullish reversal pattern that resulted in an upward breakout.
Double Top Pattern (2024)
Top 1 & Top 2 indicate a potential bearish reversal.
Breakdown from neckline suggests a bearish target around ₹800.
Technical Indicators:
MACD (Moving Average Convergence Divergence):
MACD line (blue) is above the signal line (orange), indicating bullish momentum.
Positive histogram bars further support bullishness.
RSI (Relative Strength Index):
RSI is currently around 60.60, suggesting moderate strength.
It's not in the overbought zone (>70), indicating more room for upside.
EMA (10-Week):
Current price is above the 10-week EMA (₹1107.34), confirming short-term bullishness.
Volume:
Recent candles show moderate volume, with no extreme spikes. Volume confirmation of breakouts is modest.
Conclusion:
The stock has shown a bullish breakout from a falling wedge and is trading above key moving averages.
However, the double top formation from 2024 indicates a potential bearish target if support levels are breached.
RSI and MACD support the current bullish move, but caution is advised around resistance zones near ₹1200.
Triangle Pattern (2021–2022)
A consolidation phase followed by a breakout.
Rising Wedge (2022)
A bearish reversal pattern, which led to a breakdown.
Falling Wedge (Late 2022)
A bullish reversal pattern that resulted in an upward breakout.
Double Top Pattern (2024)
Top 1 & Top 2 indicate a potential bearish reversal.
Breakdown from neckline suggests a bearish target around ₹800.
Technical Indicators:
MACD (Moving Average Convergence Divergence):
MACD line (blue) is above the signal line (orange), indicating bullish momentum.
Positive histogram bars further support bullishness.
RSI (Relative Strength Index):
RSI is currently around 60.60, suggesting moderate strength.
It's not in the overbought zone (>70), indicating more room for upside.
EMA (10-Week):
Current price is above the 10-week EMA (₹1107.34), confirming short-term bullishness.
Volume:
Recent candles show moderate volume, with no extreme spikes. Volume confirmation of breakouts is modest.
Conclusion:
The stock has shown a bullish breakout from a falling wedge and is trading above key moving averages.
However, the double top formation from 2024 indicates a potential bearish target if support levels are breached.
RSI and MACD support the current bullish move, but caution is advised around resistance zones near ₹1200.
Ramesh Raju
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.
Ramesh Raju
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.