#MANINDS trading above Resistance of 706
Next Resistance is at 1030
Support is at 506
Here is previous chart:
This weekly candlestick chart for Man Industries (India) Limited displays a significant bullish breakout from a prolonged consolidation, pushing the stock toward multi-year high territory.
Key Technical Elements
Breakout Zone (~336.00): The stock originally broke out above its downward-sloping consolidation channel (white lines) and horizontal baseline around 336.00 with noticeable volume. After a strong initial push, it formed a higher consolidation range.
Volume Analysis:
First Spike: Expanded trading volume confirmed the initial channel breakout above ~336.00 in mid-2025.
Second Massive Spike: A huge volume inflow occurred in early 2026 as the price cleared previous swing highs, showing sustained buying interest and institutional accumulation.
Support Levels:
336.00: The long-term structural breakout baseline.
506.00: Marked by the red support arrow, this previous horizontal resistance was successfully retested as a solid support floor during recent pullbacks.
Resistance Levels:
Resistance 1 (706.00–715.40): A structural resistance zone near the blue channel upper boundary where the stock is currently trading around 715.40 (+19.34% on the weekly candle).
Resistance 2 (1,030.00–1,050.00): The major upper Resistance level if the price decisively clears and holds above the current Resistance 1 level.
Current Price Action
The stock has produced an aggressive green weekly candle (+19.34%), pushing directly into the 706.00–715.40 resistance zone along the top of the long-term blue ascending channel. A confirmed breakout above 715.40 opens the upside target toward 1,030.00, while a rejection could see price pull back toward intermediate support at 506.00.
A parallel channel (also known as an ascending, descending, or horizontal channel) is a technical analysis pattern bounded by two parallel trendlines that encompass a security’s price action over time.
Structure & Mechanics
Main Components:
Trendline / Base Line: Connects a series of prominent reaction lows (in an uptrend) or reaction highs (in a downtrend).
Channel Line: Drawn parallel to the trendline, connecting the peaks (top boundary) or troughs (bottom boundary).
Price Movement: Price oscillates between the upper boundary (which acts as dynamic resistance) and the lower boundary (which acts as dynamic support).
Types of Channels
Ascending Channel (Bullish): Characterized by higher highs and higher lows. Indicates a steady uptrend where buying pressure dominates.
Descending Channel (Bearish): Characterized by lower highs and lower lows. Represents a controlled downtrend or corrective pullback.
Horizontal Channel (Consolidation): Moving sideways between static support and resistance lines, signaling market indecision or range-bound trading.
How Traders Use Parallel Channels
Trading Within the Range: Buying near the channel's lower boundary (support) and selling or shorting near the upper boundary (resistance).
Breakout Trading: A strong, high-volume candle breaking outside either boundary signals potential trend acceleration or continuation in the direction of the breakout (as seen in the charts provided previously).
Midline (50% Line): Often, a dashed line is drawn down the middle of the channel. Price reacting to this midline can confirm the channel's validity and act as interim support or resistance.
Chart is self explanatory. Levels of breakout, possible up-moves (where stock may find resistances) and support (close below which, setup will be invalidated) are clearly defined.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
Next Resistance is at 1030
Support is at 506
Here is previous chart:
This weekly candlestick chart for Man Industries (India) Limited displays a significant bullish breakout from a prolonged consolidation, pushing the stock toward multi-year high territory.
Key Technical Elements
Breakout Zone (~336.00): The stock originally broke out above its downward-sloping consolidation channel (white lines) and horizontal baseline around 336.00 with noticeable volume. After a strong initial push, it formed a higher consolidation range.
Volume Analysis:
First Spike: Expanded trading volume confirmed the initial channel breakout above ~336.00 in mid-2025.
Second Massive Spike: A huge volume inflow occurred in early 2026 as the price cleared previous swing highs, showing sustained buying interest and institutional accumulation.
Support Levels:
336.00: The long-term structural breakout baseline.
506.00: Marked by the red support arrow, this previous horizontal resistance was successfully retested as a solid support floor during recent pullbacks.
Resistance Levels:
Resistance 1 (706.00–715.40): A structural resistance zone near the blue channel upper boundary where the stock is currently trading around 715.40 (+19.34% on the weekly candle).
Resistance 2 (1,030.00–1,050.00): The major upper Resistance level if the price decisively clears and holds above the current Resistance 1 level.
Current Price Action
The stock has produced an aggressive green weekly candle (+19.34%), pushing directly into the 706.00–715.40 resistance zone along the top of the long-term blue ascending channel. A confirmed breakout above 715.40 opens the upside target toward 1,030.00, while a rejection could see price pull back toward intermediate support at 506.00.
A parallel channel (also known as an ascending, descending, or horizontal channel) is a technical analysis pattern bounded by two parallel trendlines that encompass a security’s price action over time.
Structure & Mechanics
Main Components:
Trendline / Base Line: Connects a series of prominent reaction lows (in an uptrend) or reaction highs (in a downtrend).
Channel Line: Drawn parallel to the trendline, connecting the peaks (top boundary) or troughs (bottom boundary).
Price Movement: Price oscillates between the upper boundary (which acts as dynamic resistance) and the lower boundary (which acts as dynamic support).
Types of Channels
Ascending Channel (Bullish): Characterized by higher highs and higher lows. Indicates a steady uptrend where buying pressure dominates.
Descending Channel (Bearish): Characterized by lower highs and lower lows. Represents a controlled downtrend or corrective pullback.
Horizontal Channel (Consolidation): Moving sideways between static support and resistance lines, signaling market indecision or range-bound trading.
How Traders Use Parallel Channels
Trading Within the Range: Buying near the channel's lower boundary (support) and selling or shorting near the upper boundary (resistance).
Breakout Trading: A strong, high-volume candle breaking outside either boundary signals potential trend acceleration or continuation in the direction of the breakout (as seen in the charts provided previously).
Midline (50% Line): Often, a dashed line is drawn down the middle of the channel. Price reacting to this midline can confirm the channel's validity and act as interim support or resistance.
Chart is self explanatory. Levels of breakout, possible up-moves (where stock may find resistances) and support (close below which, setup will be invalidated) are clearly defined.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
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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.
To Learn Price Action Trading & to get our exclusive breakout charts, subscribe here:
linktr.ee/9amprime
Join Telegram (Free) : t.me/join_9amPrime
Contact us : 9amprime@gmail.com
linktr.ee/9amprime
Join Telegram (Free) : t.me/join_9amPrime
Contact us : 9amprime@gmail.com
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.