Balrampur Chini Mills Ltd | Breakout & Key Levels Analysis
The stock has been in a downtrend for the past few months, respecting a descending trendline. However, recent price action shows a strong breakout above key resistance levels, indicating potential bullish momentum.
Key Observations:
✅ Breakout Above Trendline: Price has broken past the descending resistance, signaling a possible trend reversal.
✅ Retesting Supply Zone (532-538): The price is currently testing a critical supply area. A strong close above this could confirm further upside.
✅ Supports to Watch: Immediate support around 486-481, followed by major demand at 424-419 if weakness persists.
✅ Resistance Levels: Next hurdle around 547-550 before a potential rally toward 595-610.
📉 If rejection occurs at resistance, expect a pullback to retest breakout levels.
📈 If sustained buying continues, price could move towards higher resistance zones.
Key Observations:
✅ Breakout Above Trendline: Price has broken past the descending resistance, signaling a possible trend reversal.
✅ Retesting Supply Zone (532-538): The price is currently testing a critical supply area. A strong close above this could confirm further upside.
✅ Supports to Watch: Immediate support around 486-481, followed by major demand at 424-419 if weakness persists.
✅ Resistance Levels: Next hurdle around 547-550 before a potential rally toward 595-610.
📉 If rejection occurs at resistance, expect a pullback to retest breakout levels.
📈 If sustained buying continues, price could move towards higher resistance zones.
Trade ativo
Stock has now given a breakout of 480 level, keep eye on that.Trade fechado: objetivo atingido
Stock has reached 536, and First Target completed, let's see and wait for the second target.
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Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.