The daily chart of Swarnsarita Jewels India Limited indicates a decisive bullish breakout above a major resistance zone.
For several weeks, the price consolidated and faced consistent rejection near the 43.80 - 44.00 mark, which is marked by the purple horizontal line.
In the most recent session, the stock shattered this resistance with a massive, full-bodied bullish candle, closing at 46.35 (+19.98%).
The most compelling aspect of this setup is the volume confirmation. The breakout occurred on exceptionally high volume (184.71K), towering over the average volume line (23.06K).
This indicates strong institutional or widespread buyer interest backing the move.
Trade Plan:
Entry Point: Current Market Price (46.35) for aggressive entries, or a safer entry on a potential retest of the breakout level around 44.00 - 45.00.
Target: 52.00 - 54.00. This is calculated by projecting the depth of the previous consolidation range (roughly 37.00 to 44.00) upward from the breakout point.
Stop Loss: Daily close below 39.50. Placing the stop loss just below the low of the breakout candle (39.75) ensures that if the price falls back into the previous consolidation zone, the breakout is invalidated and the risk is managed.
For several weeks, the price consolidated and faced consistent rejection near the 43.80 - 44.00 mark, which is marked by the purple horizontal line.
In the most recent session, the stock shattered this resistance with a massive, full-bodied bullish candle, closing at 46.35 (+19.98%).
The most compelling aspect of this setup is the volume confirmation. The breakout occurred on exceptionally high volume (184.71K), towering over the average volume line (23.06K).
This indicates strong institutional or widespread buyer interest backing the move.
Trade Plan:
Entry Point: Current Market Price (46.35) for aggressive entries, or a safer entry on a potential retest of the breakout level around 44.00 - 45.00.
Target: 52.00 - 54.00. This is calculated by projecting the depth of the previous consolidation range (roughly 37.00 to 44.00) upward from the breakout point.
Stop Loss: Daily close below 39.50. Placing the stop loss just below the low of the breakout candle (39.75) ensures that if the price falls back into the previous consolidation zone, the breakout is invalidated and the risk is managed.
Trade closed: target reached
Target was already achieved.
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.