Several stocks are attempting key breakouts on the weekly timeframe. At first glance, the charts look alike — price testing overhead resistance. But momentum (RSI) paints very different pictures.
Polycab India – Momentum-backed breakout
RSI makes a higher high, confirming strength behind the move.
Grasim Industries – Breakout with divergence risk
Price pushes higher, but RSI forms a lower high. A red flag for possible weakness.
Canara Bank – Cautious breakout attempt
Price tests the swing high, RSI is neutral with only a slight higher high. Momentum is less convincing.
Takeaway
Breakouts may look the same on price charts, but momentum helps separate strong moves from risky ones. A follow-up with Elliott Wave counts will be done once the structures mature further.
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
Polycab India – Momentum-backed breakout
RSI makes a higher high, confirming strength behind the move.
Grasim Industries – Breakout with divergence risk
Price pushes higher, but RSI forms a lower high. A red flag for possible weakness.
Canara Bank – Cautious breakout attempt
Price tests the swing high, RSI is neutral with only a slight higher high. Momentum is less convincing.
Takeaway
Breakouts may look the same on price charts, but momentum helps separate strong moves from risky ones. A follow-up with Elliott Wave counts will be done once the structures mature further.
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
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WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
Pubblicazioni correlate
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.