LAURUS LABS LTDLong
analysis
Analysis of Laurus Labs Ltd. Chart (Weekly Timeframe)
1. Channel Trend & Breakout
Upward Channel: The chart shows a clear upward trend within a rising channel, starting from around mid-2022 and continuing into late 2024.
Breakout: The price has just broken out of the upper boundary of the channel near the ₹500 level, suggesting potential bullish momentum. A breakout above a rising channel typically indicates that the stock may continue to rally in the short-to-medium term.
Volume Confirmation: The breakout is supported by a significant spike in volume (11.09M), which confirms the strength behind this breakout. High volume during a breakout usually strengthens the case for sustained upward momentum.
2. Resistance Levels
Next Resistance: The chart shows that the next major resistance level is around the ₹550-₹590 zone (marked on the chart), which was a previous support-turned-resistance in 2022.
Potential Target: Since the stock has broken out of the channel, the immediate target could be the next resistance at around ₹590, a key psychological level.
3. Volume Analysis
The recent volume surge (11.09M) during the breakout phase indicates strong buying interest. This is a bullish signal that supports the breakout. Sustained high volume could lead to further upside.
Volume Trend: It’s crucial to monitor if this volume trend continues. If volumes start to decline, the breakout may lose momentum, and the stock could consolidate or retrace.
4. Moving Forward
Short-term Target: The breakout suggests an upward move toward the ₹550-₹590 zone.
Long-term Outlook: If the stock clears ₹590 convincingly, it could enter a new bullish phase and aim for levels above ₹600. However, failure to sustain above ₹500 could result in a retest of the lower support levels.
🚀 Laurus Labs (LAURUS) Breaks Out! Bullish Momentum Ahead? 🚀
📊 After months of consolidation, Laurus Labs Ltd has broken out of a rising channel on the weekly chart, hitting ₹506.70 today! 🔥
📈 Breakout Details:
Trend: Upward channel breakout 💥
Next Resistance: ₹550-₹590 💡
Volume: Strong confirmation with a spike to 11.09M 🟢
💡 What’s Next?
If momentum continues, the stock could rally towards ₹590 🏁
Watch out for volume to sustain! 🔍
Target: Short-term upside towards ₹550-₹590 🚀
👉 Are you ready for this potential run? 📈 Let’s discuss below! 👇
1. Channel Trend & Breakout
Upward Channel: The chart shows a clear upward trend within a rising channel, starting from around mid-2022 and continuing into late 2024.
Breakout: The price has just broken out of the upper boundary of the channel near the ₹500 level, suggesting potential bullish momentum. A breakout above a rising channel typically indicates that the stock may continue to rally in the short-to-medium term.
Volume Confirmation: The breakout is supported by a significant spike in volume (11.09M), which confirms the strength behind this breakout. High volume during a breakout usually strengthens the case for sustained upward momentum.
2. Resistance Levels
Next Resistance: The chart shows that the next major resistance level is around the ₹550-₹590 zone (marked on the chart), which was a previous support-turned-resistance in 2022.
Potential Target: Since the stock has broken out of the channel, the immediate target could be the next resistance at around ₹590, a key psychological level.
3. Volume Analysis
The recent volume surge (11.09M) during the breakout phase indicates strong buying interest. This is a bullish signal that supports the breakout. Sustained high volume could lead to further upside.
Volume Trend: It’s crucial to monitor if this volume trend continues. If volumes start to decline, the breakout may lose momentum, and the stock could consolidate or retrace.
4. Moving Forward
Short-term Target: The breakout suggests an upward move toward the ₹550-₹590 zone.
Long-term Outlook: If the stock clears ₹590 convincingly, it could enter a new bullish phase and aim for levels above ₹600. However, failure to sustain above ₹500 could result in a retest of the lower support levels.
🚀 Laurus Labs (LAURUS) Breaks Out! Bullish Momentum Ahead? 🚀
📊 After months of consolidation, Laurus Labs Ltd has broken out of a rising channel on the weekly chart, hitting ₹506.70 today! 🔥
📈 Breakout Details:
Trend: Upward channel breakout 💥
Next Resistance: ₹550-₹590 💡
Volume: Strong confirmation with a spike to 11.09M 🟢
💡 What’s Next?
If momentum continues, the stock could rally towards ₹590 🏁
Watch out for volume to sustain! 🔍
Target: Short-term upside towards ₹550-₹590 🚀
👉 Are you ready for this potential run? 📈 Let’s discuss below! 👇
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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.
Related publications
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.