STYRENIX - Weekly breakout STYRENIX seems to be breaking out of its prior ATH level (made in Dec 2024). If we close above 3100 today (weekly closing) then expecting to see 3400/3500 in a month
Using 3000 level as Stops on Daily closing basis.
STYRENIX trade ideas
STYRENIX PERFORMANCE LTD – Near Resistance 🔍 Technical View:
Multiple BOS/CHoCH indicate structure shift
Strong low formed at ₹2,100 zone
Demand zones tested & respected between ₹2,400–₹2,600
RSI near breakout level (~70), indicating building momentum
📌 Trade Plan (Positional Swing):
Buy above: ₹3,010 (Breakout + closing confirmation)
Stoploss: ₹2,860
Target 1: ₹3,180
Target 2: ₹3,450
Sell below: ₹2,850 (If resistance holds or breakdown happens)
The Power of Support Lines: A Bullish Trend on the Horizon?Introduction:
In technical analysis, support lines play a crucial role in identifying potential trends and predicting future market movements. When multiple levels of support converge at higher levels, it can indicate a strong bullish trend. In this article, we will explore such a scenario and discuss how it could impact the overall direction of the market.
The Case Study:
Let's consider an example where the support lines for the weekly, daily, and hourly charts all intersect at a higher level. This convergence suggests that there may be a strong upward pressure pushing prices towards new highs. However, before jumping into conclusions, let's analyze each chart individually to gain a better understanding of the situation.
Weekly Chart ]Analysis:
On the weekly chart, the support line has been consistently above the price range, indicating a solid base of support. As long as this level remains intact, the bulls have control over the market. Moreover, the RSI (Relative Strength Index) is hovering around the mid-50s, which indicates a neutral market condition.
Daily Chart Analysis:
Moving down to the daily chart, we notice that the support line is also above the price range, confirming our initial observation from the weekly chart. Additionally, the MACD (Moving Average Convergence Divergence) indicator is showing a bullish divergence, suggesting that the uptrend may continue.
Hourly Chart Analysis:
Finally, let's examine the hourly chart. Here, we see that the support line is once again above the price range, reinforcing the idea of a solid base of support. Furthermore, the Stochastic Oscillator is reading near its oversold territory, signaling a potential bottom.
Conclusion:
While the intersection of these three support lines at higher levels is certainly intriguing, it's essential to remember that no single piece of evidence can guarantee a specific outcome. Other factors like economic indicators, geopolitical events, and investor sentiment must also be taken into account when making trading decisions. However, if we combine the findings from all three charts with other relevant data points, we might infer that the market is poised for a potential bullish move. It's important to monitor the situation closely and adjust our strategies accordingly based on further developments. Ultimately, the key to successful trading lies in staying adaptable and open to changing circumstances.
