Star Health: Trendline Breakout Signals Bullish Reversal
Star Health is showing promising signs for long-term holding.
The chart shows a clear downward sloping trendline that has been respected for a considerable period. Recently, the price has broken above this trendline, indicating potential trend reversal from bearish to bullish.
The immediate swing high at ₹675 is a crucial level to watch. This level may act as resistance in the short term.
If the price manages to break above this swing high, it could open the door for a move towards the supply zone. However, if the price faces rejection at this level, a pullback could occur.
The chart suggests a potential scenario where the price could retrace after testing the swing high at ₹675. This retracement could provide a good opportunity for accumulation if the price finds support at lower levels, such as the ₹560-580 zone.
There is a significant increase in volume during the breakout, which adds strength to the bullish case.
Key support levels to watch include the ₹560-580 zone, where the price previously found support after the breakout
There is a marked supply zone between approximately ₹770 and ₹820. where sellers have previously stepped in, leading to price declines. If the price approaches this zone again, it may face significant resistance.
Consider entering a position if the price holds above ₹675 or on a pullback to the ₹560-580 zone. Accumulating during pullbacks with proper risk management could be a prudent strategy.
Be cautious of potential reversals or rejections at the ₹675 swing high or within the supply zone.
This is not a Buy Recommendation, just an idea.
Please give a boost and comment if you like my analysis and feel free to share with others.
Disclaimer: I am not a Sebi Registered Analyst, and the views expressed are of my own and for educational purpose only, Make sure you consult your financial advisor before investing, as I wont be Responsible for any losses incurred.
The chart shows a clear downward sloping trendline that has been respected for a considerable period. Recently, the price has broken above this trendline, indicating potential trend reversal from bearish to bullish.
The immediate swing high at ₹675 is a crucial level to watch. This level may act as resistance in the short term.
If the price manages to break above this swing high, it could open the door for a move towards the supply zone. However, if the price faces rejection at this level, a pullback could occur.
The chart suggests a potential scenario where the price could retrace after testing the swing high at ₹675. This retracement could provide a good opportunity for accumulation if the price finds support at lower levels, such as the ₹560-580 zone.
There is a significant increase in volume during the breakout, which adds strength to the bullish case.
Key support levels to watch include the ₹560-580 zone, where the price previously found support after the breakout
There is a marked supply zone between approximately ₹770 and ₹820. where sellers have previously stepped in, leading to price declines. If the price approaches this zone again, it may face significant resistance.
Consider entering a position if the price holds above ₹675 or on a pullback to the ₹560-580 zone. Accumulating during pullbacks with proper risk management could be a prudent strategy.
Be cautious of potential reversals or rejections at the ₹675 swing high or within the supply zone.
This is not a Buy Recommendation, just an idea.
Please give a boost and comment if you like my analysis and feel free to share with others.
Disclaimer: I am not a Sebi Registered Analyst, and the views expressed are of my own and for educational purpose only, Make sure you consult your financial advisor before investing, as I wont be Responsible for any losses incurred.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.