SENCO | Timeframe: Daily | Bias: BullishSenco Gold rallied sharply from the ~₹200 zone in late 2023 to an all-time high near ₹780 in mid-2024, before entering a deep corrective decline of roughly 60% into the ₹280–300 area by early-mid 2025.
Since then, the stock has spent close to a year and a half building a broad accumulation range between ~₹280 and ~₹400 (highlighted zone). This kind of prolonged sideways structure after a sharp markdown typically reflects supply being absorbed and a base being formed for the next leg.
The Setup
Price has repeatedly tested the top of the range (~₹395–400) and pulled back, but on 22 July 2026 it closed at ₹396.15 (+4.86%), pushing right into the upper boundary of the multi-month range with strong momentum.
A decisive close and follow-through above the ₹400 zone would confirm a range/base breakout, opening the door for a measured-move continuation.
Target Calculation
Using the height of the accumulation range (~₹280 to ~₹400, roughly ₹120) projected from the breakout point, the measured target comes out to approximately:
Target (T) = ₹535
This aligns with the marked projection on the chart and sits well below the prior swing high (~₹780), making it a reasonable first target rather than an aggressive extrapolation.
Risk / Invalidation
A sustained close back below the range support (~₹280–300) would invalidate this base-breakout thesis.
Conservative traders may prefer a tighter stop below the recent breakout candle's low (~₹360-370) to manage risk more actively while the breakout is still confirming.
This is for educational/idea-sharing purposes only and is not investment advice. Please do your own research and consult a financial advisor before trading.
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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.