Sona BLW Precision Forgings | Weekly Breakout Setup Near Multi-Month Resistance
Sona BLW Precision Forgings (SONACOMS) is approaching a key resistance zone near ₹721, following a strong reversal from its long-term base. The overall structure remains bullish, with buyers consistently defending higher levels.
Technical Observations
Strong recovery from the ₹379 support zone.
Clear higher highs and higher lows on the weekly timeframe.
Price is approaching a significant resistance level.
Momentum continues to improve with sustained buying interest.
A confirmed breakout above ₹721 could trigger the next phase of the long-term uptrend.
Key Levels
Current Price: ₹714.55
Breakout Level: ₹721
Immediate Support: ₹680–690
Major Support: ₹379
Long-Term Target Zone: ₹1,050+
Trading Plan
✔ Watch for a strong weekly close above ₹721.
✔ A successful retest of the breakout zone may offer a favorable risk-reward opportunity.
✔ Failure to sustain above ₹721 could lead to short-term consolidation before the next directional move.
Disclaimer: This analysis is shared for educational purposes only and should not be considered investment advice. Always conduct your own research and use proper risk management.
Sona BLW Precision Forgings (SONACOMS) is approaching a key resistance zone near ₹721, following a strong reversal from its long-term base. The overall structure remains bullish, with buyers consistently defending higher levels.
Technical Observations
Strong recovery from the ₹379 support zone.
Clear higher highs and higher lows on the weekly timeframe.
Price is approaching a significant resistance level.
Momentum continues to improve with sustained buying interest.
A confirmed breakout above ₹721 could trigger the next phase of the long-term uptrend.
Key Levels
Current Price: ₹714.55
Breakout Level: ₹721
Immediate Support: ₹680–690
Major Support: ₹379
Long-Term Target Zone: ₹1,050+
Trading Plan
✔ Watch for a strong weekly close above ₹721.
✔ A successful retest of the breakout zone may offer a favorable risk-reward opportunity.
✔ Failure to sustain above ₹721 could lead to short-term consolidation before the next directional move.
Disclaimer: This analysis is shared for educational purposes only and should not be considered investment advice. Always conduct your own research and use proper risk management.
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.