Jubilant Pharmova – Approaching Critical Breakout Zone

24 mag

🔍 Key Observations

• The stock has staged a strong rally from the ₹870 support zone and is now testing a critical resistance around ₹1,075–₹1,140.
  
• This resistance zone is previously marked as a “Demand turned Supply” area – a major structure where price broke down earlier, and supply emerged.
  
• The stock is currently trading just below this zone, and a daily close above it is crucial for a confirmed breakout.

✅ Bullish Signs

• Multiple CHoCHs (Change of Character) indicate a bullish reversal structure has formed after a prolonged downtrend.
  
• Price is now above the 200-day MA and all major moving averages, suggesting the trend bias has turned bullish.
  
• Volume has expanded slightly, showing interest building at higher levels.
  
• Relative strength vs benchmark index is improving, indicating sector or stock-specific outperformance.
  

⚠️ What to Watch For

• A daily or weekly close above ₹1,130 with strong volume will flip the supply zone into demand – confirming the breakout.
  
• Failure to break and repeated rejection from this zone could lead to a pullback toward the lower levels.
  🧠 Conclusion
  You're absolutely right — a decisive breakout above the "demand turned supply" zone is crucial. The current price action shows momentum, but confirmation is key. Wait for price to close above ₹1,130 to validate the breakout and avoid a potential bull trap.
  

1 giu

Trade attivo

Had a good move last week.