MPHASIS GETTING READY FOR ANOTHER RALLY

✅The stock is on the verge of breaking out of a long-term descending channel that has capped price movement since mid-2021. A close above 3000 would confirm the breakout and could lead to a sharp rally toward the previous highs around 3500. The stock has been consistently trading above key moving averages—50 EMA, 100 EMA, and 200 EMA—indicating that the long-term uptrend remains intact. These EMAs will act as strong dynamic support levels ensuring that any pullback is likely to find buyers at lower levels.

✅ While the breakout is still developing we’ve already seen a rise in volume, which indicates that the market is gearing up for a strong upward move. A volume spike at the breakout point would confirm the validity of the breakout further boosting bullish sentiment. The RSI stands at 55 reflecting a balanced momentum with room to rise before becoming overbought. The stock has seen consistent demand at these levels and if the RSI continues to rise with price action it will confirm bullish strength.