📊 Summary:
CreditAccess Grameen has shown a strong recovery from the ₹800 zone and is forming a rounding bottom pattern, suggesting the potential start of a long-term uptrend. The long-term channel from 2020 remains valid, and price is gradually making its way toward the upper range.
🔍 Technical Breakdown:
Structure: Rounding bottom formation underway.
Long-term Channel: Price respects the long-term ascending channel from Covid lows.
Support Zone: ₹800 (historical support + 0.786 Fibonacci retracement of prior rally).
Resistance Zone: ₹1,200–₹1,400 (neckline of rounding bottom and mid-channel resistance).
Fibonacci Levels:
0.618 retracement held around ₹990.
1.618 extension projects a long-term target near ₹3,218.
RSI (14): Currently at 54.39, crossing above the RSI-based MA at 55.19. Indicates improving momentum.
Volume: Spike during bounce from ₹800 zone suggests institutional interest.
✅ Suggestions:
Investment View: Ideal for long-term accumulation. SL at ₹800 with a holding horizon of 2–3 years.
Breakout Watch: A sustained breakout above ₹1,250–₹1,300 with volume can confirm the rounding bottom breakout.
Target Projections:
Medium-Term: ₹1,450 – ₹1,600
Long-Term: ₹2,400 – ₹3,200 (Fibonacci extension zone)
Risk Management: Maintain SL at ₹800 on a weekly closing basis.
RSI Bullish Structure: RSI broke its own trendline resistance – a positive divergence signal.
⚠️ Key Risks / Cautions:
Price still below neckline resistance – watch for rejection near ₹1,250–₹1,300.
Market-wide volatility could affect near-term trend – stay focused on the broader channel and structure.
Avoid adding aggressively unless breakout is confirmed with volume.
📝 Conclusion:
CreditAccess Grameen is showing a classic long-term reversal setup with strong technical confluence at ₹800. A cup-with-handle structure is maturing. The stock could become a long-term compounder if it breaks out above the neckline. Accumulate gradually with a long-term view.
CreditAccess Grameen has shown a strong recovery from the ₹800 zone and is forming a rounding bottom pattern, suggesting the potential start of a long-term uptrend. The long-term channel from 2020 remains valid, and price is gradually making its way toward the upper range.
🔍 Technical Breakdown:
Structure: Rounding bottom formation underway.
Long-term Channel: Price respects the long-term ascending channel from Covid lows.
Support Zone: ₹800 (historical support + 0.786 Fibonacci retracement of prior rally).
Resistance Zone: ₹1,200–₹1,400 (neckline of rounding bottom and mid-channel resistance).
Fibonacci Levels:
0.618 retracement held around ₹990.
1.618 extension projects a long-term target near ₹3,218.
RSI (14): Currently at 54.39, crossing above the RSI-based MA at 55.19. Indicates improving momentum.
Volume: Spike during bounce from ₹800 zone suggests institutional interest.
✅ Suggestions:
Investment View: Ideal for long-term accumulation. SL at ₹800 with a holding horizon of 2–3 years.
Breakout Watch: A sustained breakout above ₹1,250–₹1,300 with volume can confirm the rounding bottom breakout.
Target Projections:
Medium-Term: ₹1,450 – ₹1,600
Long-Term: ₹2,400 – ₹3,200 (Fibonacci extension zone)
Risk Management: Maintain SL at ₹800 on a weekly closing basis.
RSI Bullish Structure: RSI broke its own trendline resistance – a positive divergence signal.
⚠️ Key Risks / Cautions:
Price still below neckline resistance – watch for rejection near ₹1,250–₹1,300.
Market-wide volatility could affect near-term trend – stay focused on the broader channel and structure.
Avoid adding aggressively unless breakout is confirmed with volume.
📝 Conclusion:
CreditAccess Grameen is showing a classic long-term reversal setup with strong technical confluence at ₹800. A cup-with-handle structure is maturing. The stock could become a long-term compounder if it breaks out above the neckline. Accumulate gradually with a long-term view.
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.