We can see in this chart that this counter is respecting levels very well.
1. 330 level was acting as resistance in 2019 and 2021. This was broken and became support since Nov 2024.
2. While 330 was becoming support 375 acted as resistance for jan to mar 2025.
3. Once 375 was broken it became support since April 2025.
4. Good triangle pattern consolidation was happening with support of 375. This triangle pattern is now broken. It is very likely that 450 which acted as resistance in sept 2024 will become new resistance.
Additionally 20 & 50 moving avgs are also acting as support nr 375.
When support resistance and moving avg are giving same signal it makes a high probable trading opportunity,
To trade such setup one need to be careful about risk(loss) and buy on dips and control quantity to keep risk low.
1. 330 level was acting as resistance in 2019 and 2021. This was broken and became support since Nov 2024.
2. While 330 was becoming support 375 acted as resistance for jan to mar 2025.
3. Once 375 was broken it became support since April 2025.
4. Good triangle pattern consolidation was happening with support of 375. This triangle pattern is now broken. It is very likely that 450 which acted as resistance in sept 2024 will become new resistance.
Additionally 20 & 50 moving avgs are also acting as support nr 375.
When support resistance and moving avg are giving same signal it makes a high probable trading opportunity,
To trade such setup one need to be careful about risk(loss) and buy on dips and control quantity to keep risk low.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.