#PVRINOX .. possible upside near future

17 ago 2024

Momentum:

Rounding bottom formation: The stock had a significant decline followed by a gradual recovery, forming the "rounding bottom part of the pattern. This indicates a shift from a downtrend to an uptrend with increasing buying interest.

Handle Formation: After reaching the resistance level (which is around ₹1,500 in this chart), the stock experienced a slight pullback, forming the "handle." This is a period of consolidation before the stock attempts to break through the resistance.

Strength:

Resistance Breakout: The stock price is approaching a breakout point, where it is attempting to surpass the resistance level near ₹1,500. If the stock successfully breaks out with strong volume, it would indicate a continuation of the uptrend.

Upside Potential: The green boxes in the chart suggest potential price targets if the breakout occurs. The first target seems to be around ₹1,565, with the second target near ₹1,625.

Support Levels: The lower boundary of the handle (around ₹1,450) would serve as a support level in case of a failed breakout attempt.

Overall, the chart indicates a positive momentum with strong potential for a bullish breakout if the stock manages to sustain above the ₹1,500 resistance level. The presence of a well-formed rounding bottom and a cup & handle pattern suggests that buyers are gaining control, and there could be significant upside if the breakout is successful.

15 set 2024

Trade chiuso: obiettivo raggiunto

Target achieved