#MANORAMA trading above Resistance of 1795
Next Resistance is at 2778
Support is at 1515
Here are previous charts:
This weekly candlestick chart for Manorama Industries Ltd. demonstrates a powerful multi-stage upward breakout, culminating in a sharp acceleration into key resistance territory.
Key Technical Elements
Breakout Point (~526.00): After a long multi-year ascending base/channel, the stock broke out above horizontal resistance at 526.00 with strong volume, triggering a sustained, long-term bull trend.
Volume Analysis:
First Spike: Notable volume expansion occurred during the initial 526.00 breakout, confirming strong initial momentum.
Second Massive Spike: A dramatic surge in volume emerged in mid-2026 as price broke out of its intermediate consolidation, driving a parabolic move higher.
Support Levels:
526.00: The original horizontal baseline breakout target.
1,296.00 (Resistance 2): Intermediate horizontal structure flipped into former support.
1,515.00: Marked by the red support arrow, this key horizontal level was retested and validated as a high-level support floor before the latest rally.
Resistance Levels:
Resistance 1 (760.00) & Resistance 2 (1,296.00): Prior horizontal overhead Resistance that have been cleared.
Resistance 3 (1,795.00): The immediate horizontal breakout level that price cleared during the recent move.
Resistance 4 (2,778.00): The primary long-term upside Resistace if the current price surge holds its gains.
Current Price Action
The stock experienced a huge weekly green bar (+10.95%), pushing price up to 1,927.30 after clearing 1,795.00 (Resistance 3). If the stock maintains a weekly close above 1,795.00, it establishes a clear path toward the major upper objective at 2,778.00. Conversely, any sharp retracement would look for initial dynamic support near 1,515.00–1,795.00.
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.
Chart is self explanatory. Levels of breakout, possible up-moves (where stock may find resistances) and support (close below which, setup will be invalidated) are clearly defined.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
Next Resistance is at 2778
Support is at 1515
Here are previous charts:
This weekly candlestick chart for Manorama Industries Ltd. demonstrates a powerful multi-stage upward breakout, culminating in a sharp acceleration into key resistance territory.
Key Technical Elements
Breakout Point (~526.00): After a long multi-year ascending base/channel, the stock broke out above horizontal resistance at 526.00 with strong volume, triggering a sustained, long-term bull trend.
Volume Analysis:
First Spike: Notable volume expansion occurred during the initial 526.00 breakout, confirming strong initial momentum.
Second Massive Spike: A dramatic surge in volume emerged in mid-2026 as price broke out of its intermediate consolidation, driving a parabolic move higher.
Support Levels:
526.00: The original horizontal baseline breakout target.
1,296.00 (Resistance 2): Intermediate horizontal structure flipped into former support.
1,515.00: Marked by the red support arrow, this key horizontal level was retested and validated as a high-level support floor before the latest rally.
Resistance Levels:
Resistance 1 (760.00) & Resistance 2 (1,296.00): Prior horizontal overhead Resistance that have been cleared.
Resistance 3 (1,795.00): The immediate horizontal breakout level that price cleared during the recent move.
Resistance 4 (2,778.00): The primary long-term upside Resistace if the current price surge holds its gains.
Current Price Action
The stock experienced a huge weekly green bar (+10.95%), pushing price up to 1,927.30 after clearing 1,795.00 (Resistance 3). If the stock maintains a weekly close above 1,795.00, it establishes a clear path toward the major upper objective at 2,778.00. Conversely, any sharp retracement would look for initial dynamic support near 1,515.00–1,795.00.
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.
Chart is self explanatory. Levels of breakout, possible up-moves (where stock may find resistances) and support (close below which, setup will be invalidated) are clearly defined.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
To Learn Price Action Trading & to get our exclusive breakout charts, subscribe here:
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Contact us : 9amprime@gmail.com
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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
คำจำกัดสิทธิ์ความรับผิดชอบ
ข้อมูลและบทความไม่ได้มีวัตถุประสงค์เพื่อก่อให้เกิดกิจกรรมทางการเงิน, การลงทุน, การซื้อขาย, ข้อเสนอแนะ หรือคำแนะนำประเภทอื่น ๆ ที่ให้หรือรับรองโดย TradingView อ่านเพิ่มเติมใน ข้อกำหนดการใช้งาน