High chance of PRAKASH-EQ to break ATH and make new highPRAKASH-EQ has traded in range for about 14 years ( from 2010 high to recent 2024 high ). This time the breakout is different because price has managed to break and trade above its crucial resistance zone.
currently price of PRAKASH-EQ has taken support at the lower end of its long term resistance channel and there is high chance of price breaking its all time high.
as and when price reaches near the upper band of its long term resistance band, it is expected to have a sudden and fast momemtum which will be volume supported.
right now price is in value zone (for people planning for momentum breakout) but it is advised to carry this for the next 1-3 years to reap the benefits of compounding
as always people are advised to trade as per their risk capacity.
Prakashind
Prakash Industries - BreakOut PointHi
As per the analysis, we can see prakash industries has given a breakout.
It has gone above last month high of 77.20 and currently trading at 80.45.
it tested the lows of 19 around 3 times till date.
As of now its above Rsi - 50.
Macd is positive
Potential for the upside is huge.
We can keep a SL of 67 and wait for the target of 130 and above that 230
Prakash Industries: Positional View on day chartsTrading in Channel.
Downward momentum reducing gradually, which is good thing.
Demand Zone near 140-150.
Shouldn't break Min. support, if at all, max. support.
RSI Breakout can keep in watch.
A positive breakout of Upper trend line from Demand zone is VERY bullish.
Immediate support @165, closing below this level, we can see the stock heading to demand zone.