With RSI and Stochastic indicators giving bullish crossover indicating strong momentum, the stock is breaking out of the medium term 50EMA line. It’s important to note that the stock has historically reversed from the upper trend line and found support at the level of 1068. According to price extension tool, the stock’s upper levels will be 1230 and 1274.
The stock is currently trading at an “All Time High” level. It has broken out of the congestion zone, with RSI above 70, signalling a strong momentum breakout after a long consolidation. In addition, the stock is trading above its 61EMA (Fibonacci number-61), indicating a positive trend. Last week, the stock continued to grow despite the conflict between Russia and Ukraine.
Now that the stock has reached an all-time high, the question is whether it will continue to rise or revert to a sideways trend. It’s also essential and seeing how much buying interest the stock is obtaining while looking at delivery volume next week.
On the daily timeframe chart, a bullish harmonic pattern is visible. It has also confirmed by breaking out high of the “D” point of the pattern as the stock showed upward momentum despite yesterday’s global meltdown caused by the Russia-Ukraine conflict. The stock’s strength is shown by the fact that the RSI is above its average line. The stock is also trading above the 10EMA, indicating a favourable short-term trend. According to the Fibonacci retracement, the stock is currently trading at 50% of its previous high, with upper possibilities of 61.80 and 78.60.
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Every stock has a story to tell. A positive divergence spotted on the RSI and MACD indicator. A divergence indicates a potential reversal of the trend. Notice RSI is also exiting from over bought zone indicating new momentum is likely to escalate soon. Positive divergence was also observed in both indicator in past as well from their stock as surged by nearly 30%. MACD has yet to give an upward crossover with positive divergence, indicating that the bullish momentum has not yet established its strength.
The stock has breakthrough the trend line and the monthly pivot level, but the volume is not favourable. Positive strength indicated by RSI and MACD. Stock has the potential to go upside till 3318 (plotted in yellow line) if it breaks out monthly pivot level with good volume. From this level stock has witness supply taking place.
With significant volume, the stock has broken over the trend line and the monthly pivot R1 level. The fact that the RSI and MACD are both showing a positive crossover indicates that momentum is likely to escalate.
The market has been swinging like a pendulum in recent trading sessions as news of the Russia-Ukraine conflict is on and off. As a result, the stock may come to a halt before continuing its upward path.
Stock is in consolidation phase since many weeks . Technically stock is looking weak on this level as technical indicators are not showing any opportunity for fresh long entry.
Super trend is negative, RSI is negative, Current weekly close is below congestion level and volume is also decreasing since few weeks.451 is the key number as one can hope for reversal from previous congestion support line. Stock can show its comeback .For new entry , “Wait and Watch” for the correct price.