Potential Breakout with Strong Support and Bullish Indicators

8월 8일

✅The stock has been in a descending triangle pattern, typically a bearish formation, but it is currently testing the upper trendline for a potential breakout. The descending triangle pattern is identified by lower highs converging with a flat support level.

✅The 50 EMA and the ascending support line have provided solid support for the stock. The liquidity zone around ₹750 has also acted as a crucial support area, indicating strong buying interest at these levels.

✅There is a noticeable increase in volume as the stock approaches the upper trendline, suggesting that buyers are stepping in. A volume spike during a breakout attempt indicates strong market interest and potential for a sustained move.

✅The RSI has started to trend upwards from below 40 and is currently around 58 indicating a shift towards bullish momentum. An RSI moving from oversold to above 50 suggests increasing buying strength.