Shriram Properties - Breakdown from Box Pattern (Swing Trade)
Shriram Properties has experienced a rejection from all-time highs (ATH) around ₹150 and has broken down from a box pattern (highlighted in orange) between ₹110 and ₹150, with price action showing low volume during the breakdown. The stock is now approaching a strong support zone between ₹100 and ₹105, just above the FIB Weekly Zone.
Support Zone: The ₹100-₹105 range has been a key support level multiple times in the past (black arrows).
Box Pattern Breakdown: The stock has broken out of the consolidation phase (box pattern) with low volume, signaling potential weakness.
Rejection from ATH: The stock faced strong rejection near the ATH level of ₹150, which has led to the current downtrend.
FIB Weekly Zone: The ₹90-₹100 zone offers additional support if the price dips further, providing another potential reversal area.
Entry Strategy:
I’ll wait for a bullish candle to form near the support zone (₹100-₹105). Once confirmed, I will look for a 15-minute candle to break the high of the daily candle to confirm the entry.
This setup suggests that a potential reversal could happen near the support zone, but confirmation from price action will be key.
Disclaimer: This post is for educational purposes only and is not financial advice. Always manage your risk and trade responsibly.
Support Zone: The ₹100-₹105 range has been a key support level multiple times in the past (black arrows).
Box Pattern Breakdown: The stock has broken out of the consolidation phase (box pattern) with low volume, signaling potential weakness.
Rejection from ATH: The stock faced strong rejection near the ATH level of ₹150, which has led to the current downtrend.
FIB Weekly Zone: The ₹90-₹100 zone offers additional support if the price dips further, providing another potential reversal area.
Entry Strategy:
I’ll wait for a bullish candle to form near the support zone (₹100-₹105). Once confirmed, I will look for a 15-minute candle to break the high of the daily candle to confirm the entry.
This setup suggests that a potential reversal could happen near the support zone, but confirmation from price action will be key.
Disclaimer: This post is for educational purposes only and is not financial advice. Always manage your risk and trade responsibly.
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