Deepak Nitrite Stock Chart
Ascending Channel: The stock has been trading within an upward-sloping channel since late 2023, making higher highs and higher lows, which indicates a strong long-term uptrend. The price recently tested the lower boundary of the channel and has shown signs of a rebound.
Triangle Breakout: A bullish breakout has occurred from a symmetrical triangle pattern, suggesting renewed upward momentum. The stock has surged by over 20.26% from the breakout point, confirming the pattern. The breakout targets are around ₹3,562 based on the height of the triangle projected from the breakout.
MACD: The MACD indicator shows a bullish crossover, with the MACD line crossing above the signal line, which is a strong confirmation of positive momentum.
Key Support Levels:
₹2,800: This level aligns with the lower boundary of the channel and has acted as strong support.
₹2,600: A previous low that provides additional support in case of any pullback.
Resistance Levels:
₹3,095: A key resistance level to watch, previously tested and failed.
₹3,562: The price target projected from the breakout.
Volume: Volume has been rising since the breakout, further validating the upward move and adding confidence to the bullish outlook.
Conclusion:
With the recent breakout and strong upward momentum, Deepak Nitrite shows a bullish trend. Investors should watch for a retest of support levels near ₹2,800, while upside targets point to ₹3,562. The long-term trend remains positive as long as the stock holds within the ascending channel.
