The chart presents a textbook breakout setup, exhibiting a classic cup formation with a low-risk entry point. Key observations include:
Channel Breakout Level: The price has decisively broken out above the channel resistance at ₹810, confirming bullish momentum.
Fibonacci Retracement: Using the swing low at ₹627 as the base, the price is now advancing towards the critical 61.8% Fibonacci retracement level at approximately ₹1028.
Resistance Zone: This ₹1028 level corresponds to a significant historical resistance from January 2022, which was breached once before, signaling a potential strong supply zone.
Outlook: Given the current trajectory, the price is poised to challenge and potentially break this resistance again, indicating a high-probability continuation of the upward trend.
In summary: The chart is perfectly aligned for a breakout play, with a well-defined entry at the cup formation’s low-risk zone and strong confluence of technical indicators supporting further upside.
Play your game based on your risk appetite.
Channel Breakout Level: The price has decisively broken out above the channel resistance at ₹810, confirming bullish momentum.
Fibonacci Retracement: Using the swing low at ₹627 as the base, the price is now advancing towards the critical 61.8% Fibonacci retracement level at approximately ₹1028.
Resistance Zone: This ₹1028 level corresponds to a significant historical resistance from January 2022, which was breached once before, signaling a potential strong supply zone.
Outlook: Given the current trajectory, the price is poised to challenge and potentially break this resistance again, indicating a high-probability continuation of the upward trend.
In summary: The chart is perfectly aligned for a breakout play, with a well-defined entry at the cup formation’s low-risk zone and strong confluence of technical indicators supporting further upside.
Play your game based on your risk appetite.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.