SUVENPHAR - WEEKLY CHART ANALYSIS
The stock on a monthly timeframe have retraced to 23.6% and is now showing strength in the recent past.
On a weekly timeframe it was consolidating in a very narrow range in the last 6 months and finally breaking out few weeks back with good volume support.
541-559 is the supply zone and it had close this week inside this zone. It should either consolidate a week or two in this zone and there after continue its upward journey.
500-520 levels shall now act as a support and stock should not close below it on a weekly timeframe.
590-618-630 these levels are small resistances. where the stock might face some selling but that shall be absorbed soon and those are the all time high levels.
As per the trend based fib 934 is an ideal level that shall be tested in the long term.
My view stands invalid if the stock closes below 461-479 support zone on weekly basis.
Disclaimer: This is just an analysis and not a buy/sell recommendation. If you intend to trade this counter then do your own due diligence and trade at your own risk.
On a weekly timeframe it was consolidating in a very narrow range in the last 6 months and finally breaking out few weeks back with good volume support.
541-559 is the supply zone and it had close this week inside this zone. It should either consolidate a week or two in this zone and there after continue its upward journey.
500-520 levels shall now act as a support and stock should not close below it on a weekly timeframe.
590-618-630 these levels are small resistances. where the stock might face some selling but that shall be absorbed soon and those are the all time high levels.
As per the trend based fib 934 is an ideal level that shall be tested in the long term.
My view stands invalid if the stock closes below 461-479 support zone on weekly basis.
Disclaimer: This is just an analysis and not a buy/sell recommendation. If you intend to trade this counter then do your own due diligence and trade at your own risk.
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