✅ Pattern Recognition & Price Structure:
Cup and Handle Formation:
Two distinct cup-like bases are forming a larger “Double Cup & Handle” structure — a strong bullish continuation pattern.
First cup (2020–2023): Already completed with breakout above mid-point neckline.
Second cup (2023–2025): Currently approaching breakout zone.
📌 Key Levels:
Major Resistance Zone: ₹57.45 – ₹63.00
Labeled as “Major Resistance, closing above this line and BOOM” — breakout above this level may trigger a strong upward momentum.
Support Levels:
₹48.00: Current price zone acting as intermediate support.
₹31.53: Previous base — strong historical support.
₹22.20: 50% retracement level of a prior swing (Fibonacci).
🔍 Volume Analysis:
Noticeable volume pickup during recent rally — suggests accumulation and bullish interest.
Current volume: 49M
📈 RSI (Relative Strength Index):
RSI (14): 64.22 → Bullish Momentum, not yet overbought.
RSI is above RSI-based MA (58.11), confirming positive momentum and trend continuation.
📝 Summary & Outlook:
Structure suggests a long-term bullish setup with high potential if the ₹57.45–₹63.00 zone is breached.
RSI supports bullish strength; volume supports accumulation.
Closing above ₹63 could confirm the breakout from the larger cup & handle pattern — a BOOM scenario as marked.
⚠️ Caution/Watchpoints:
Resistance zone around ₹57.45–₹63 is critical — repeated rejection here can cause short-term pullbacks.
Watch RSI for any divergence near breakout zone.
Cup and Handle Formation:
Two distinct cup-like bases are forming a larger “Double Cup & Handle” structure — a strong bullish continuation pattern.
First cup (2020–2023): Already completed with breakout above mid-point neckline.
Second cup (2023–2025): Currently approaching breakout zone.
📌 Key Levels:
Major Resistance Zone: ₹57.45 – ₹63.00
Labeled as “Major Resistance, closing above this line and BOOM” — breakout above this level may trigger a strong upward momentum.
Support Levels:
₹48.00: Current price zone acting as intermediate support.
₹31.53: Previous base — strong historical support.
₹22.20: 50% retracement level of a prior swing (Fibonacci).
🔍 Volume Analysis:
Noticeable volume pickup during recent rally — suggests accumulation and bullish interest.
Current volume: 49M
📈 RSI (Relative Strength Index):
RSI (14): 64.22 → Bullish Momentum, not yet overbought.
RSI is above RSI-based MA (58.11), confirming positive momentum and trend continuation.
📝 Summary & Outlook:
Structure suggests a long-term bullish setup with high potential if the ₹57.45–₹63.00 zone is breached.
RSI supports bullish strength; volume supports accumulation.
Closing above ₹63 could confirm the breakout from the larger cup & handle pattern — a BOOM scenario as marked.
⚠️ Caution/Watchpoints:
Resistance zone around ₹57.45–₹63 is critical — repeated rejection here can cause short-term pullbacks.
Watch RSI for any divergence near breakout zone.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.