The chart provided is a weekly candlestick chart for Apollo Hospitals (ticker: APOLLOH) on the National Stock Exchange (NSE). Here is a detailed analysis and summary of the chart:
Timeframe and Data:
- Timeframe: Weekly
- Data Range: From around early 2022 to mid-2024
Price Analysis:
- Current Price: ₹5,914.35
- Price Movement: The stock price has experienced significant volatility over the depicted period.
- The price fell sharply from around ₹6,000 in early 2022 to below ₹4,000.
- It then gradually recovered, forming a steady upward trend reaching a high of around ₹7,000 in early 2024.
- Recently, the price has declined from the peak and is showing some consolidation around the ₹5,914 level.
Technical Patterns:
- Support and Resistance:
- Support: The area around ₹5,750 to ₹5,850 has acted as a support zone recently.
- Resistance: The price faced resistance around ₹6,000, as indicated by multiple touches and rejections at this level.
- Descending Triangle: A descending triangle pattern is visible from the recent high near ₹7,000. The price is consolidating within this triangle, characterized by lower highs and a relatively horizontal support line around ₹5,750-₹5,850.
Potential Future Movements:
- Bullish Scenario: If the price breaks above the descending triangle and crosses the resistance at ₹6,000, it could indicate a potential upward movement, possibly retesting previous highs around ₹7,000.
- Bearish Scenario: If the price breaks below the support zone of ₹5,750, it might lead to a further decline, with the next major support level potentially around ₹5,250 to ₹5,000.
Conclusion:
The chart shows that Apollo Hospitals' stock has been consolidating in a descending triangle pattern after a strong uptrend. Traders should watch for a breakout above the resistance at ₹6,000 for a bullish signal or a breakdown below the support at ₹5,750 for a bearish signal. The stock is currently at a critical juncture, and its next move will likely be significant in determining its short to mid-term trend.
Timeframe and Data:
- Timeframe: Weekly
- Data Range: From around early 2022 to mid-2024
Price Analysis:
- Current Price: ₹5,914.35
- Price Movement: The stock price has experienced significant volatility over the depicted period.
- The price fell sharply from around ₹6,000 in early 2022 to below ₹4,000.
- It then gradually recovered, forming a steady upward trend reaching a high of around ₹7,000 in early 2024.
- Recently, the price has declined from the peak and is showing some consolidation around the ₹5,914 level.
Technical Patterns:
- Support and Resistance:
- Support: The area around ₹5,750 to ₹5,850 has acted as a support zone recently.
- Resistance: The price faced resistance around ₹6,000, as indicated by multiple touches and rejections at this level.
- Descending Triangle: A descending triangle pattern is visible from the recent high near ₹7,000. The price is consolidating within this triangle, characterized by lower highs and a relatively horizontal support line around ₹5,750-₹5,850.
Potential Future Movements:
- Bullish Scenario: If the price breaks above the descending triangle and crosses the resistance at ₹6,000, it could indicate a potential upward movement, possibly retesting previous highs around ₹7,000.
- Bearish Scenario: If the price breaks below the support zone of ₹5,750, it might lead to a further decline, with the next major support level potentially around ₹5,250 to ₹5,000.
Conclusion:
The chart shows that Apollo Hospitals' stock has been consolidating in a descending triangle pattern after a strong uptrend. Traders should watch for a breakout above the resistance at ₹6,000 for a bullish signal or a breakdown below the support at ₹5,750 for a bearish signal. The stock is currently at a critical juncture, and its next move will likely be significant in determining its short to mid-term trend.
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.
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.