Megatherm Induction has corrected more than 50% from its previous high bringing the stock into an important long-term support zone of 190–200
Interestingly, price has been respecting this zone multiple times, making it an important area to watch for a potential base formation.
The stock is currently trading near 228.75, with 235–240 acting as the immediate resistance zone. A decisive breakout above this zone, along with a break of the descending trendline, could indicate improving momentum.
Key Levels:
Strong Support:190–200
Immediate Resistance:235–240
Next Resistance:289–290(Target1)
Major Resistance:379(Target2)
SL BELOW 200 DCB
The interesting part is that the stock has already undergone a 50%+ correction. Whether this becomes a long-term bottoming zone or another consolidation phase will depend on how price reacts around 190–200 and whether it can reclaim 240.
A breakout above 240 + trendline breakout could be the first sign of a potential trend reversal
Disclaimer: This is a chart-based technical observation for educational and informational purposes only. A sharp correction does not by itself indicate a bottom, and the mentioned levels are not guaranteed targets or investment recommendations.
Interestingly, price has been respecting this zone multiple times, making it an important area to watch for a potential base formation.
The stock is currently trading near 228.75, with 235–240 acting as the immediate resistance zone. A decisive breakout above this zone, along with a break of the descending trendline, could indicate improving momentum.
Key Levels:
Strong Support:190–200
Immediate Resistance:235–240
Next Resistance:289–290(Target1)
Major Resistance:379(Target2)
SL BELOW 200 DCB
The interesting part is that the stock has already undergone a 50%+ correction. Whether this becomes a long-term bottoming zone or another consolidation phase will depend on how price reacts around 190–200 and whether it can reclaim 240.
A breakout above 240 + trendline breakout could be the first sign of a potential trend reversal
Disclaimer: This is a chart-based technical observation for educational and informational purposes only. A sharp correction does not by itself indicate a bottom, and the mentioned levels are not guaranteed targets or investment recommendations.
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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.
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.