#PREMIERPOL trading above Resistance of 91
Next Resistance is at 131
Support is at 65
Here is previous chart:
This weekly candlestick chart for Premier Polyfilm Limited (NSE) shows an ascending channel breakout followed by a structural retest and continuation toward higher resistance targets.
Key Technical Elements
Breakout Point (~51.00): After trading within an ascending parallel channel from 2022 through mid-2024, the stock broke out above upper channel resistance and the horizontal baseline around 51.00 with a strong weekly candle (marked with a yellow arrow), establishing a structural shift.
Volume Analysis: The blue arrows highlight two major volume surges: an initial massive volume spike supporting the breakout near 51.00 in late 2024, followed by another distinct volume expansion during the recent July–August 2026 breakout phase, confirming institutional accumulation.
Support Levels:
51.00: The original horizontal baseline and primary structural breakout floor.
65.00: Marked with a red arrow, this horizontal baseline acted as resistance during prior consolidation phases before being retested and flipped into strong immediate support during recent pullbacks.
Resistance Levels:
Resistance 1 (91.00): The immediate horizontal resistance zone currently being tested. The stock closed right in this zone at 93.86 (+7.92% on the weekly bar).
Resistance 2 (131.00): The primary long-term upside resistance level if the stock cleanly breaks and holds above Resistance 1.
Current Price Action
The stock is currently testing its horizontal resistance zone near 91.00–93.86. A sustained weekly close above this boundary clears the path toward the 131.00 long-term technical target. If Resistance 1 triggers temporary profit-taking, a healthy retest or consolidation back toward the horizontal support level near 65.00 may occur.
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 131
Support is at 65
Here is previous chart:
This weekly candlestick chart for Premier Polyfilm Limited (NSE) shows an ascending channel breakout followed by a structural retest and continuation toward higher resistance targets.
Key Technical Elements
Breakout Point (~51.00): After trading within an ascending parallel channel from 2022 through mid-2024, the stock broke out above upper channel resistance and the horizontal baseline around 51.00 with a strong weekly candle (marked with a yellow arrow), establishing a structural shift.
Volume Analysis: The blue arrows highlight two major volume surges: an initial massive volume spike supporting the breakout near 51.00 in late 2024, followed by another distinct volume expansion during the recent July–August 2026 breakout phase, confirming institutional accumulation.
Support Levels:
51.00: The original horizontal baseline and primary structural breakout floor.
65.00: Marked with a red arrow, this horizontal baseline acted as resistance during prior consolidation phases before being retested and flipped into strong immediate support during recent pullbacks.
Resistance Levels:
Resistance 1 (91.00): The immediate horizontal resistance zone currently being tested. The stock closed right in this zone at 93.86 (+7.92% on the weekly bar).
Resistance 2 (131.00): The primary long-term upside resistance level if the stock cleanly breaks and holds above Resistance 1.
Current Price Action
The stock is currently testing its horizontal resistance zone near 91.00–93.86. A sustained weekly close above this boundary clears the path toward the 131.00 long-term technical target. If Resistance 1 triggers temporary profit-taking, a healthy retest or consolidation back toward the horizontal support level near 65.00 may occur.
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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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.
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.