SELAN: Symmetrical Triangle & VCP Setup – Ready Pullback Rally

Title: "SELAN: Symmetrical Triangle Breakout & VCP Setup – Ready for a Pullback Rally"

Stock: Selan Exploration Technology Ltd. (SELAN)

Analysis:
SELAN is demonstrating strong technical and fundamental characteristics. The stock has retraced to fill the gap and started to rebound from support areas, indicating the potential for a near-term pullback rally.

Chart Patterns:

Symmetrical Triangle: A classic breakout setup in progress.
VCP Formation: For others, it can be interpreted as a Volatility Contraction Pattern, supporting the bullish structure.
Key Levels:

Upside Resistance: ₹990–₹1078 (stiff resistance zone). A breakout above ₹1078 could lead to fresh upside momentum.
Support Zone: ₹760–₹680 on the downside, providing a solid cushion.
Momentum Indicators:

Monthly RSI: Showing strength and gaining momentum, supporting the pullback potential.
Piotroski Score: SELAN scores an impressive 7/9, indicating strong financial health.
Financial Highlights:

Quarterly Net Profit: ₹21 Cr, an outstanding 126.8% YoY growth, reflecting excellent financial performance.
Trade Plan:

Entry: At current levels with confirmation of continued rebound.
Target: ₹990 (initial resistance), ₹1078 (key resistance). Further upside expected on breach of ₹1078.
Stop Loss: Below ₹760 to manage downside risks.
Note: SELAN’s combination of robust fundamentals, impressive RSI, and strong chart patterns positions it for a potential breakout rally. Watch for volume confirmation near resistance levels to validate the upward move.

Disclaimer:
This analysis is for educational and informational purposes only and should not be considered as financial advice. Please conduct your own research or consult a financial advisor before making any investment decisions.
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