Swing

1. Price Action
The chart displays weekly candlesticks, where:
Green Candles: Weekly close higher than open (bullish).
Red Candles: Weekly close lower than open (bearish).
2. Range-Bound Movement
The purple rectangle highlights a consolidation phase, where the stock is trading within a defined range between ₹187.67 (support) and ₹225 (resistance).
This range indicates indecision, where neither buyers nor sellers dominate.
3. Key Levels
Support Level (₹187.67):
Represented by the green horizontal line.
This level has held strong, with prices rebounding each time they approach this zone.
Resistance Level (₹225):
The upper boundary of the consolidation range, where price struggles to break above.
4. Recent Price Action
The stock has made a strong upward move this week, closing at ₹221.43 with a gain of +7.78%.
This places the stock close to the upper resistance zone, signaling a potential breakout.
5. Implications
Breakout Above ₹225:
If the price breaks above ₹225 with strong volume, it could trigger a bullish rally, targeting higher levels like ₹250 or beyond.
Breakdown Below ₹187.67:
A fall below the support level might lead to further downside, potentially targeting ₹175 or lower.
6. Volume Analysis
High volume during breakout would confirm strength.
Lack of volume could result in a false breakout or continuation of the range.
Key Takeaways
Watch for a breakout above ₹225 for a bullish trade.
Monitor for a breakdown below ₹187.67 to manage risk.
Volume confirmation is crucial to determine the next major trend.
Would you like a trading plan or deeper analysis of potential price targets?