Graphite India Ltd - Breakout Opportunity
Date: 24-Sep-2024
LTP: Rs. 598.15
Resistance Levels: (R1) Rs. 709 --> (R2) Rs. 815
Support Levels: (S1) Rs. 495
Technical View:
•
GRAPHITE is in strong primary uptrend and was recently going through it's secondary downtrend within primary uptrend.
• After touching the high of 709.40 on 25-Apr-2024, it has retraced 32% to 485.15 level.
•GRAPHITE has breakout from it's secondary downtrend with higher than average volume. Breakout is also supported by increased volume in last few sessions.
•GRAPHITE is trading above both 20 DMA and 50 DMA since last few sessions. 20 DMA has crossed over 50 DMA on 23-Sep-2024.
• RSI is trading at 70.65. MACD is trading at 15.70. Both MACD and RSI is showing positive momentum.
• Looking good for a new swing from here.
Like the analysis? Boost/Like this idea and follow my ID.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. My ideas are published for learning purpose only and are available to everyone at no cost/charge.
LTP: Rs. 598.15
Resistance Levels: (R1) Rs. 709 --> (R2) Rs. 815
Support Levels: (S1) Rs. 495
Technical View:
•
GRAPHITE is in strong primary uptrend and was recently going through it's secondary downtrend within primary uptrend.• After touching the high of 709.40 on 25-Apr-2024, it has retraced 32% to 485.15 level.
•
GRAPHITE has breakout from it's secondary downtrend with higher than average volume. Breakout is also supported by increased volume in last few sessions.•
GRAPHITE is trading above both 20 DMA and 50 DMA since last few sessions. 20 DMA has crossed over 50 DMA on 23-Sep-2024.• RSI is trading at 70.65. MACD is trading at 15.70. Both MACD and RSI is showing positive momentum.
• Looking good for a new swing from here.
Like the analysis? Boost/Like this idea and follow my ID.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. My ideas are published for learning purpose only and are available to everyone at no cost/charge.
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