Looking at the daily timeframe for SG Mart Ltd, the stock has successfully broken out of its recent consolidation phase, clearing a crucial resistance level marked by the green horizontal line at 855.10.
This previous resistance has now flipped into a structural support zone.
It is important to note the massive volume spike that occurred just before the breakout.
This extreme volume surge validates the aggressive buying interest and confirms the fundamental strength of the move.
The price is currently holding its gains around 903.00, and the chart structure suggests a continuation of the upward trend as indicated by the projected black arrow.
Trade Setup:
Entry Point: Current market price near 903.00, or accumulate on minor pullbacks toward the 870.00–880.00 range.
Target: 985.00–1000.00, following the upward trajectory of the drawn arrow on the chart.
Stop Loss: 845.00, placed securely below the 855.10 support line to invalidate the setup in case of a false breakout.
This previous resistance has now flipped into a structural support zone.
It is important to note the massive volume spike that occurred just before the breakout.
This extreme volume surge validates the aggressive buying interest and confirms the fundamental strength of the move.
The price is currently holding its gains around 903.00, and the chart structure suggests a continuation of the upward trend as indicated by the projected black arrow.
Trade Setup:
Entry Point: Current market price near 903.00, or accumulate on minor pullbacks toward the 870.00–880.00 range.
Target: 985.00–1000.00, following the upward trajectory of the drawn arrow on the chart.
Stop Loss: 845.00, placed securely below the 855.10 support line to invalidate the setup in case of a false breakout.
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.
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.