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Five Years Of Support Is Setting Up The Next Expansion

DLF is again showing why this long-term rising support is so important. This trendline has been protecting the larger structure for almost five years and every major correction towards it has eventually attracted buyers. The latest fall towards the 480–500 area was also absorbed aggressively and price has already recovered towards 670. Now the stock is pressing against a short-term falling trendline while the bigger structure continues to form higher lows.

A clean breakout and sustain above the 680–700 zone can be the confirmation that buyers are taking control again. Once this resistance gives way price can move quickly towards 800 and then challenge the larger falling trendline near 820–850. A breakout there would be even more important as liquidity is sitting around the previous highs near 900+. As long as this five-year support structure remains protected the bigger setup continues to favour another expansion towards the highs.

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