The chart presents a textbook breakout setup, exhibiting a classic cup formation with a low-risk entry point. Key observations include:
Channel Breakout Level: The price has decisively broken out above the channel resistance at ₹810, confirming bullish momentum.
Fibonacci Retracement: Using the swing low at ₹627 as the base, the price is now advancing towards the critical 61.8% Fibonacci retracement level at approximately ₹1028.
Resistance Zone: This ₹1028 level corresponds to a significant historical resistance from January 2022, which was breached once before, signaling a potential strong supply zone.
Outlook: Given the current trajectory, the price is poised to challenge and potentially break this resistance again, indicating a high-probability continuation of the upward trend.
In summary: The chart is perfectly aligned for a breakout play, with a well-defined entry at the cup formation’s low-risk zone and strong confluence of technical indicators supporting further upside.
Play your game based on your risk appetite.
Channel Breakout Level: The price has decisively broken out above the channel resistance at ₹810, confirming bullish momentum.
Fibonacci Retracement: Using the swing low at ₹627 as the base, the price is now advancing towards the critical 61.8% Fibonacci retracement level at approximately ₹1028.
Resistance Zone: This ₹1028 level corresponds to a significant historical resistance from January 2022, which was breached once before, signaling a potential strong supply zone.
Outlook: Given the current trajectory, the price is poised to challenge and potentially break this resistance again, indicating a high-probability continuation of the upward trend.
In summary: The chart is perfectly aligned for a breakout play, with a well-defined entry at the cup formation’s low-risk zone and strong confluence of technical indicators supporting further upside.
Play your game based on your risk appetite.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.