UTI AMC is currently displaying a symmetric triangle formation on its weekly chart. Recently, it formed a double bottom pattern on the weekly timeframe, which was followed by a breakout. The stock is currently encountering a minor resistance level. Interestingly, the resistance trend channel and the 50% Fibonacci retracement level align closely, making it a strong barrier for further upward momentum.
Given the circumstances, if UTI AMC consolidates within this resistance zone before continuing its upward trajectory, it has the potential for significant momentum.
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