#WELCORP trading above Resistance of 2557
Next Resistance is at 3617
Support is at 1913
Here are previous charts:
This weekly chart for Welspun Corp Limited displays a strong bullish breakout from a consolidation pattern, supported by significant volume and structural trendline context.
Chart Overview
Timeframe & Asset: Welspun Corp Limited (1-Week Chart, NSE).
Current Price: 2,590.60 INR (+9.13% change shown on the chart header).
Key Technical Observations
Ascending Channel Breakout: The stock initially consolidated inside a tight multi-year range before breaking out above 344.00 INR (yellow line and arrow) and subsequently advancing through an ascending channel (white trendlines) to initiate a powerful vertical expansion.
Volume Expansion: Blue arrows and boxes highlight massive historical spikes in trading volume during the base breakout and trend acceleration phases, confirming sustained institutional accumulation.
Support Levels:
344.00 INR (Yellow Line): The foundational horizontal level marking the initial major structural breakout base.
1,913.00 INR (Red Line): A key breakout platform (marked with a red arrow) that now serves as the primary structural support level on any deeper pullbacks.
Resistance Levels:
Resistance 10 (2,557.00 INR): A immediate horizontal level that the current price candle has tested and cleared, with the stock closing near 2,590.60 INR.
Resistance 11 (3,617.00 INR): The macro upside projection level marked near the top green line.
Long-Term Trend Lines: The solid white and blue lines trace out multi-year channel structures, showing the stock transitioning from a gradual rising channel into an aggressive parabolic markup phase.
Conclusion & Current Price Action
The current price action reflects strong bullish momentum following the volume-backed breakout above lower consolidation levels and the subsequent acceleration past 1,913.00 INR. The stock has recently cleared its immediate hurdle at Resistance 10 (2,557.00 INR) and is trading at 2,590.60 INR.
A sustained weekly close above this Resistance 10 level indicates room for extended upside toward the long-term upside projection level of 3,617.00 INR (Resistance 11). On any potential pullbacks, the 1,913.00 INR level will serve as the primary line of defense for buyers to keep the structural uptrend intact.
A parallel channel (also known as an ascending, descending, or horizontal channel) is a technical analysis pattern bounded by two parallel trendlines that encompass a security’s price action over time.
Structure & Mechanics
Main Components:
Trendline / Base Line: Connects a series of prominent reaction lows (in an uptrend) or reaction highs (in a downtrend).
Channel Line: Drawn parallel to the trendline, connecting the peaks (top boundary) or troughs (bottom boundary).
Price Movement: Price oscillates between the upper boundary (which acts as dynamic resistance) and the lower boundary (which acts as dynamic support).
Types of Channels
Ascending Channel (Bullish): Characterized by higher highs and higher lows. Indicates a steady uptrend where buying pressure dominates.
Descending Channel (Bearish): Characterized by lower highs and lower lows. Represents a controlled downtrend or corrective pullback.
Horizontal Channel (Consolidation): Moving sideways between static support and resistance lines, signaling market indecision or range-bound trading.
How Traders Use Parallel Channels
Trading Within the Range: Buying near the channel's lower boundary (support) and selling or shorting near the upper boundary (resistance).
Breakout Trading: A strong, high-volume candle breaking outside either boundary signals potential trend acceleration or continuation in the direction of the breakout (as seen in the charts provided previously).
Midline (50% Line): Often, a dashed line is drawn down the middle of the channel. Price reacting to this midline can confirm the channel's validity and act as interim support or resistance.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered financial advisor. Please consult your financial advisor before taking any trade.
Next Resistance is at 3617
Support is at 1913
Here are previous charts:
This weekly chart for Welspun Corp Limited displays a strong bullish breakout from a consolidation pattern, supported by significant volume and structural trendline context.
Chart Overview
Timeframe & Asset: Welspun Corp Limited (1-Week Chart, NSE).
Current Price: 2,590.60 INR (+9.13% change shown on the chart header).
Key Technical Observations
Ascending Channel Breakout: The stock initially consolidated inside a tight multi-year range before breaking out above 344.00 INR (yellow line and arrow) and subsequently advancing through an ascending channel (white trendlines) to initiate a powerful vertical expansion.
Volume Expansion: Blue arrows and boxes highlight massive historical spikes in trading volume during the base breakout and trend acceleration phases, confirming sustained institutional accumulation.
Support Levels:
344.00 INR (Yellow Line): The foundational horizontal level marking the initial major structural breakout base.
1,913.00 INR (Red Line): A key breakout platform (marked with a red arrow) that now serves as the primary structural support level on any deeper pullbacks.
Resistance Levels:
Resistance 10 (2,557.00 INR): A immediate horizontal level that the current price candle has tested and cleared, with the stock closing near 2,590.60 INR.
Resistance 11 (3,617.00 INR): The macro upside projection level marked near the top green line.
Long-Term Trend Lines: The solid white and blue lines trace out multi-year channel structures, showing the stock transitioning from a gradual rising channel into an aggressive parabolic markup phase.
Conclusion & Current Price Action
The current price action reflects strong bullish momentum following the volume-backed breakout above lower consolidation levels and the subsequent acceleration past 1,913.00 INR. The stock has recently cleared its immediate hurdle at Resistance 10 (2,557.00 INR) and is trading at 2,590.60 INR.
A sustained weekly close above this Resistance 10 level indicates room for extended upside toward the long-term upside projection level of 3,617.00 INR (Resistance 11). On any potential pullbacks, the 1,913.00 INR level will serve as the primary line of defense for buyers to keep the structural uptrend intact.
A parallel channel (also known as an ascending, descending, or horizontal channel) is a technical analysis pattern bounded by two parallel trendlines that encompass a security’s price action over time.
Structure & Mechanics
Main Components:
Trendline / Base Line: Connects a series of prominent reaction lows (in an uptrend) or reaction highs (in a downtrend).
Channel Line: Drawn parallel to the trendline, connecting the peaks (top boundary) or troughs (bottom boundary).
Price Movement: Price oscillates between the upper boundary (which acts as dynamic resistance) and the lower boundary (which acts as dynamic support).
Types of Channels
Ascending Channel (Bullish): Characterized by higher highs and higher lows. Indicates a steady uptrend where buying pressure dominates.
Descending Channel (Bearish): Characterized by lower highs and lower lows. Represents a controlled downtrend or corrective pullback.
Horizontal Channel (Consolidation): Moving sideways between static support and resistance lines, signaling market indecision or range-bound trading.
How Traders Use Parallel Channels
Trading Within the Range: Buying near the channel's lower boundary (support) and selling or shorting near the upper boundary (resistance).
Breakout Trading: A strong, high-volume candle breaking outside either boundary signals potential trend acceleration or continuation in the direction of the breakout (as seen in the charts provided previously).
Midline (50% Line): Often, a dashed line is drawn down the middle of the channel. Price reacting to this midline can confirm the channel's validity and act as interim support or resistance.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered financial advisor. Please consult your financial advisor before taking any trade.
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Related publications
Disclaimer
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To Learn Price Action Trading & to get our exclusive breakout charts, subscribe here:
linktr.ee/9amprime
Join Telegram (Free) : t.me/join_9amPrime
Contact us : 9amprime@gmail.com
linktr.ee/9amprime
Join Telegram (Free) : t.me/join_9amPrime
Contact us : 9amprime@gmail.com
Related publications
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.