NIFTYAUTO Consolidation Nr. Resistance Breakout Potential?🚗 #NIFTYAUTO is currently trading in a consolidation zone, with the price hovering near the upper boundary. This level has proven to be a tough resistance for the price in the past, with the range of 13455--13544 being a major obstacle to overcome.
📈 However, if the price manages to break out of this resistance area and closes above it on the weekly chart, we could potentially see a strong upward momentum in the near future. This is especially significant considering the prolonged period of consolidation that the price has been experiencing.
📉 On the other hand, if the price fails to break through the resistance zone, we may see it retreat back into the consolidation phase once again.
🔍 Traders should keep a close eye on #NIFTYAUTO and monitor its movement around the key resistance level. A successful breakout could present lucrative trading opportunities, while a failure to do so may indicate a continued period of consolidation. Happy trading!
