The current price movement exhibits a robust bullish trend, initiated by the breach of the former resistance point at 77, culminating in a closing figure of 84.70 during the recent trading session. Looking ahead, the subsequent target projection is positioned around 88.60. Conversely, a support level is identified around 77, denoted by its previous status as resistance.
Currently, the price is at a resistance level, signaled by a doji candlestick and overbought RSI, indicating a potential reversal. Rejection is likely at this level. Initial support is around 71, secondary at 66. However, breaching and sustaining above 75 could lead to further upward momentum.
Rejection occurs after making a high of SR 77 on 5th Dec’ 2023. Currently price is sustaining above 100-day EMA and accumulation in the share with increase in volume of 1.16 million is observed (pointed on chart) on 18th Jan’ 2024 which indicates upward momentum. The stock can be considered in a range of 66-63.50 with the stop loss below 59. On the flip side,...
This stock is still in a uptrend, for now its just correcting itself for the last few weeks. We can see good buying from 138 area confirming bulls are in this region and sellers are not very strong currently. With the last candle taking a pause right after the strong bullish candle I think this will be a good buying opportunity once we see it crossing 15.20 area...
