RR Kabel is showing a strong bullish Elliott Wave structure on the weekly chart, with Wave (3) reaching ₹2,983.8. The stock is now undergoing a corrective phase that could develop as Wave (4) within the broader uptrend. The rising channel continues to support the bullish structure.
The ₹2,200 zone is an important support area to watch during this correction. If the price stabilizes around this level, it could complete Wave (4) and create an opportunity for the next upward move. A sustained break below support would weaken the bullish outlook.
Once the correction is complete, RR Kabel could resume its upward movement toward ₹3,100 as a potential Wave (5) target. This scenario remains conditional on support holding and bullish momentum returning.
By BrightRally_Research
The ₹2,200 zone is an important support area to watch during this correction. If the price stabilizes around this level, it could complete Wave (4) and create an opportunity for the next upward move. A sustained break below support would weaken the bullish outlook.
Once the correction is complete, RR Kabel could resume its upward movement toward ₹3,100 as a potential Wave (5) target. This scenario remains conditional on support holding and bullish momentum returning.
By BrightRally_Research
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Selling Level Completed! Looking for a reversal!
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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.