Atul Auto (Daily Timeframe) - Is it the Bullish reversal ??

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Atul Auto has been in a downtrend since the All Time High. Resistance & Support trendlines in the recent past has been respected well as marked. Today the stock BrokeOut of the angular trendline with a 17% spike and huge volume spurt. Currently the stock is encountering a key resistance.

Overall the stock is in a downtrend but a bullish divergence can be seen along with short-term EMAs in positive cross-over state. Till further positive price action, a bullish trend may not be foreseen.

If the stock moves in an uptrend then we might see the levels of 583 & in case of a downtrend we might see the levels of 420.

Keep monitoring!!

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