PARAS Breaks Out of Inverted Head and Shoulders Pattern
-The stock has formed an inverted head and shoulders pattern, a bullish reversal formation, with the neckline recently broken. - The price has decisively broken above the neckline around ₹850 with strong volume, confirming the pattern. - This breakout suggests a potential bullish move ahead. - Immediate support is now around the previous neckline at ₹850. - Next resistance levels to watch are around ₹1000 and ₹1050. - Volume surged significantly on the breakout, indicating strong buying interest. - The RSI has moved above 70, reflecting strong bullish momentum but nearing overbought territory. - With the breakout confirmed, the stock is poised for further upside. - Traders can look to enter on a retest of the ₹850 level, with stops placed below ₹800. - Potential targets for the bullish move are ₹1000 and ₹1050, aligning with the pattern's projected move.
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