CGPOWER in Strong Bullish Momentum: Key Support & Resistance ZonesCGPOWER continues to demonstrate solid upward momentum across multiple timeframes, with positive trends seen on the daily, weekly, and even shorter 75-minute charts. Here's an advanced look at key levels and insights:Key Indicators to Watch:
- Weekly 50 EMA: ₹605 – A strong long-term support level. The price remains well above this, indicating a sustained bullish trend.
- Daily 50 EMA: ₹736 – Medium-term support. A key level to watch for any pullbacks or corrections.
- Weekly 10 EMA: ₹745 – Immediate weekly support, offering a clear level for trend continuation.
- Daily 10 EMA: ₹792 – The near-term support on the daily chart; holding this level is crucial for continued upward momentum.
- 75-min Chart:
- 50 EMA: ₹786 – This EMA offers intraday support, crucial for short-term traders.
- 21 EMA: ₹816 – Further intraday support, maintaining strength at this level keeps the bullish sentiment intact.
- 10 EMA: ₹840 – Immediate short-term support in intraday action.
Key Resistance Levels:
- 52-Week High: ₹874.70 – A breakout above this significant level could lead to a fresh rally with further upside potential.
- ₹846 – Short-term resistance that aligns with 75-min 10 EMA, a key test for continued bullish momentum.
- ₹875-₹900 – If the stock breaks its 52-week high, we may see this range as the next target zone.
Support Levels to Watch:
- ₹756 – Short-term support level; a strong dip-buying opportunity if prices pull back to this region.
- ₹786 – A key support level on the 75-minute 50 EMA; holding this strengthens the upward move.
- ₹816 – The 75-minute 21 EMA provides a solid intraday support level.
- ₹846 – A critical near-term support zone that should hold for the continuation of bullish movement.
Outlook:
CGPOWER is showing a healthy bullish momentum, with consistent support levels across the daily and weekly charts. Holding above ₹756 and breaking past ₹874.70 could fuel further bullish activity. Watch for pullbacks near support levels for potential buying opportunities. As long as the price holds above its key EMAs, especially the daily and 75-min EMAs, the trend remains strongly positive.Conclusion:
With CGPower's upward momentum intact and strong support from its EMAs, it remains in a bullish trajectory. Monitoring price action near ₹756, ₹786, ₹816, and ₹874 is essential for confirming continued strength.
Disclaimer: I am not a SEBI Registered Research Analyst (RA). This analysis is for educational purposes only and should not be considered as investment advice. Please conduct your own research or consult a financial advisor before making any trading decisions.
Disclaimer
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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.