After a brief downtrend, Caplin Point has formed a classic triangle pattern, which often acts as a continuation signal for the preceding long-term uptrend. Technical indicators are favorable, with the short-term EMAs arranged in a bullish formation that signals strong underlying momentum.
The one element of caution is that recent trading volumes have been average. Therefore, a breakout from the triangle must be accompanied by a significant increase in volume to validate buyer conviction. If such a breakout occurs, the next logical objective would be the all-time high, which also serves as a key resistance zone at ₹2640. Conversely, if the pattern fails and momentum wanes, a pullback to the ₹1886 support level is possible.
Watchout for the price-action !!
The one element of caution is that recent trading volumes have been average. Therefore, a breakout from the triangle must be accompanied by a significant increase in volume to validate buyer conviction. If such a breakout occurs, the next logical objective would be the all-time high, which also serves as a key resistance zone at ₹2640. Conversely, if the pattern fails and momentum wanes, a pullback to the ₹1886 support level is possible.
Watchout for the price-action !!
Disclaimer: This analysis is my personal view & for educational purposes only. They shall not be construed as trade or investment advice. Before making any financial decision, it is imperative that you consult with a qualified financial professional.
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Disclaimer: This analysis is my personal view & for educational purposes only. They shall not be construed as trade or investment advice. Before making any financial decision, it is imperative that you consult with a qualified financial professional.
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.