Based on the technical structure in South Indian Bank is exhibiting a classic bullish continuation setup on the weekly timeframe.
Chart Analysis: The stock has been trading within a well-defined rectangular consolidation box (roughly between the 43.50 support and 49.00 resistance levels) since early June.
The most recent weekly candle shows a decisive breakout above the upper boundary of this range, closing strongly at 49.95.
Notably, this breakout is validated by a significant surge in buying volume, indicating strong institutional interest and momentum.
Entry Point: Long positions can be considered at the current market price of 49.95, or on a minor pullback to retest the breakout level at 49.00.
Target: Using a standard measured move technique (projecting the height of the consolidation box—approximately 5.5 to 6 points—upward from the breakout level), the primary technical target aligns with the 55.00 – 56.00 zone.
Stop Loss: To manage risk and invalidate the bullish thesis in the event of a fake-out, a stop loss should be placed below the lower boundary of the consolidation box at 43.00, or more aggressively below the breakout candle's open around 45.00.
Chart Analysis: The stock has been trading within a well-defined rectangular consolidation box (roughly between the 43.50 support and 49.00 resistance levels) since early June.
The most recent weekly candle shows a decisive breakout above the upper boundary of this range, closing strongly at 49.95.
Notably, this breakout is validated by a significant surge in buying volume, indicating strong institutional interest and momentum.
Entry Point: Long positions can be considered at the current market price of 49.95, or on a minor pullback to retest the breakout level at 49.00.
Target: Using a standard measured move technique (projecting the height of the consolidation box—approximately 5.5 to 6 points—upward from the breakout level), the primary technical target aligns with the 55.00 – 56.00 zone.
Stop Loss: To manage risk and invalidate the bullish thesis in the event of a fake-out, a stop loss should be placed below the lower boundary of the consolidation box at 43.00, or more aggressively below the breakout candle's open around 45.00.
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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.