It was noticed that the stock has been in an bottoming and accumulation phase for more than 2 years starting Aug 2021 till date.
During this 2 year phase the stock attempted to go beyond the INR 40 mark but the same proved to be a strong supply/resistance zone for the stock preventing it from going higher(though few spikes/tails managed to pierce it a few times).
On the downside however, INR 27-30 kept providing a very strong demand zone/support for the stock(though a few tails pierced it on one of the occasions) and was probably used to accumulate this stock by interested parties during this phase.
The stock gave a falling trend line breakout last week with growing volumes and has greater chances this time around of breaking-through the INR 40 wall that it could not break-down in past 2 years.
There is little to no resistance for the stock once it closes(weekly) above INR 40.INR70-80 seem to be the only resistance on the chart which from current price are almost 90% upside.
INR 33 can be used a 'SL' for this stock to enter around INR37-40 zone for a potential target of INR70-75.
NOTE*-The views expressed are based on personal opinions/observations. Please do your own analysis of any company in which you wish to invest/trade.
During this 2 year phase the stock attempted to go beyond the INR 40 mark but the same proved to be a strong supply/resistance zone for the stock preventing it from going higher(though few spikes/tails managed to pierce it a few times).
On the downside however, INR 27-30 kept providing a very strong demand zone/support for the stock(though a few tails pierced it on one of the occasions) and was probably used to accumulate this stock by interested parties during this phase.
The stock gave a falling trend line breakout last week with growing volumes and has greater chances this time around of breaking-through the INR 40 wall that it could not break-down in past 2 years.
There is little to no resistance for the stock once it closes(weekly) above INR 40.INR70-80 seem to be the only resistance on the chart which from current price are almost 90% upside.
INR 33 can be used a 'SL' for this stock to enter around INR37-40 zone for a potential target of INR70-75.
NOTE*-The views expressed are based on personal opinions/observations. Please do your own analysis of any company in which you wish to invest/trade.
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Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.